Mediate Michigan

Divorce is an unpleasant and common occurrence in many families in America today. Who would have ever thought that Al and Tipper Gore would call it quits after 40 years? You’ve seen the statistics that show there is an almost one-in-two chance that a marriage will end up in divorce court.

From a personal financial perspective, divorce ranks at or near the top of life events that can cause mass financial destruction.

Even though divorces are usually unplanned, the financial results of a divorce do not have to be catastrophic. However, it seems that the financial aspects of most divorces are characterized by emotional and uninformed decisions.

In hopes of avoiding some of the more frequent mistakes, let’s cover some basics of the most common financial issues arising from divorce. I will attempt to summarize in English some of the provisions of the Internal Revenue Code that require income tax planning for a marital dissolution.

via The Times Record: Business – Divorce Can Be Financially Devastating.