The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Legal Docs for College Roomates||Date: 4/20/2012 2:42 AM|
|Author: TMFPMarti||Number: 116092 of 121455|
Well, it's not so much the divorce lawyers don't know bupkes, it's the courts won't or can't enforce the divorce decree terms.
Your friend's experience may have been different but the vast majority of divorcees I dealt with over this issue had been told by their divorce lawyers that the IRS would abide by the decree regarding payment of back taxes, which simply isn't true. I also saw a couple cases where property settlements were structured so as to constitute alimony under tax law.
I think it behooves anyone going through a divorce with either back taxes or other than a straightforward property settlement to have a tax pro check the proposed settlement. There's nothing that can be done about joint liability other than innocent spouse, but at least one can act with advice from someone who knows that end of things, which I don't expect from most divorce lawyers.
Rule Your Retirement Home Fool
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|