Any Virginia couple that has gone through -- or is planning to go through -- a divorce knows, there are many considerations that must be taken into account. From child custody, if applicable, to the division of property, each topic area is important in its own right. Yet what is equally as important, and should always be kept in mind, is that every aspect of a divorce affects other aspects.
Even amicable divorce proceedings can be more complicated than the divorcing parties may realize at first glance. For instance, the time of year when a couple divorces may make quite a bit of difference on their taxes. Though it may not seem important to the couple that they divorced in November as opposed to January, the Internal Revenue Service could have a different feeling about the timing. Plus, the couple may wish to wait so they can get the tax benefits of being married and filing jointly.
Another topic related to taxes to discuss during divorce proceedings is how any tax refunds should be divided between the parties. When couples are married, this is rarely a problem. However, when they are divorcing, they may try to fight for every penny.
These are just a few of the things that divorce brings to the table for couples in Virginia who decide to dissolve their marriages. The good news is that knowledgeable legal representatives with experience in family law proceedings will be able to give good advice. It's just another reason why divorcing men and women need to understand that no divorce can be assumed to be simple and to ensure that they are aware of the benefits of having a legal professional standing by to protect their rights.
Source: Fox Business, "Divorce and Taxes Can Be Complicated", Bonnie Lee, Dec. 2, 2014