March may be the perfect month for CPAs and tax professionals to brush up on divorce-related tax issues. So say Armand and Robbin D’Alo, a husband-and-wife team of Certified Divorce Financial Analysts and tax professionals, who along with, Eva Rosenberg, EA teach a CPE Link course on tax issues related to divorce.
That’s because February, the month of “will you be my Valentine?” is also the month of “I want a divorce.” Yes, February is the most active month for couples to start divorce proceedings. Unfortunately, most of these breakups are at least somewhat contentious: 80 percent of divorces are one-sided decisions. So get ready! (You can relax and breathe a sigh of relief in October, when divorce filings are at low ebb.)
“Attorneys usually do not properly address the tax implications when preparing divorce documents,” says Rosenberg.
Do you know the top 10 tax issues that have the most impact on divorcing couples?