Headed for divorce? Here are some tax tips.
- November 17, 2021
- David Greene
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There are several things I recommend you do if you think you might find yourself going through a divorce, both for future tax audit sake and to make sure all assets are revealed. First, copy all of your financial records for the past three years, including tax returns. Second, get copies of any credit or mortgage applications submitted within the past 12 months. Third, ascertain which marital debt is joint and which is just in one name. Fourth, if applicable, check with an expert to ascertain how your spouse’s Social Security benefits might affect yours. If your spouse tries to hide assets, these steps will make it harder for him to succeed. Also, it will help you if you are audited for the last year of the marriage.