Identifying the Tax Consequences of Divorce Part 4
10. Capital Gains Taxes and Appreciated Assets The spouse who winds up owning an appreciated asset (fair market value in excess of tax basis) must recognize taxable gain when it is sold. In other words, if you are the one who ends up with appreciated assets like stock or real property, you’re on the…
Identifying the Tax Consequences of Divorce Part 3
6. My spouse was awarded some of my vested stock options in our divorce. Who pays taxes on what and when? The transfer of an interest in vested stock options incident to a divorce is not a taxable event. However, income is reported when the former spouse exercises the stock options. The specific issue of…
Identifying the Tax Consequences of Divorce Part 2
4. Which parent gets to claim the child as a dependent? Arizona has specific guidelines for the assignment of the federal tax exemption for dependent Children that are established in Section 27 of the Arizona Child Support Guidelines. Here is the relevant text from Section 27: All the federal and state tax exemptions applicable to…
Nuts & Bolts of Divorce Law 2/28/13
Cindy Best from the Best Law Firm will be a presenter at the Nuts & Bolts of Divorce Law event held at the Phoenix Airport Marriott on Thursday, February 28 2013. Cindy will be presenting “Identifying Tax Consequences of Divorce” Divorce cases require a knowledgeable, confident and perceptive attorney who not only knows basic procedures…
Identifying the Tax Consequences of Divorce Part 1
At some point your family law client will have some basic issues regarding the tax consequences of their divorce. This material may provide you with some answers to frequently asked hypothetical questions, and may also identify some more complex issues that you may need to be made aware of. While it is important to have…
SB1127: Changes to Title 25 effective January 1, 2013
1.?? ?Family Law Terms:? A.R.S. 25-401 There have been changes to a few family law terms.? Some terms have not changed, but they are now located in different areas.? The term ?custody? has been completely replaced by the term ?decision-making.? The term ?parenting time? has expanded its definition:? ?the schedule of time during which each…
Once an agreement is reached how can I put it in writing?
Once the parties have reached a verbal agreement, Best Law Firm here in Scottsdale can draft a Memorandum of Understanding to memorialize the parties’ agreements that complies with Family Law Rule 69. We can also draft the petition and supporting documents to initiate your case in the court, as well as draft and file the…
What happens when the parties reach a verbal agreement?
Two persons cannot divorce or legally separate unless, and until, certain paperwork is filed with the court. In Arizona, Family Law Rule 69 requires parties to have a signed, written agreement for it to be binding in the court. In some cases, the parties may not need or want their agreement to be enforceable. In…
Here in Arizona, what is a resolution management conference?
If either party is represented by an attorney, the court will set a Resolution Management Conference from one to four months from the date of service depending upon the court’s docket. Prior to the Resolution Management Conference, both parties will receive a written notification from the court that will include the date and time for…
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