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  • Writer's pictureThe Kaplan Team

THOUGHT OF THE WEEK “In my divorce settlement I received 50% of my ex-husband’s annuity..."

Divorcing parties often do not consider tax consequences when settling divorce disputes. Failing to pay attention to the tax implications can have dire consequences, even before the ink has dried on the divorce settlement. It is important to bear in mind that your tax situation is likely to be affected if:

· there is property that is held jointly;

· a joint business or partnership from which the spouses derived an income;

· pension arrangements; or

· Interest or rental income received.

Separating assets at the time of the divorce can also have capital gains tax implications.It is therefore very important to obtain expert advice to be in position to properly consider all the possible consequences of a settlement.

Let our Family Law Department assist you.

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This article is not intended to constitute legal advice and is produced for information purposes only and to provide a general understanding of the legal position relating to the topic. It is recommended that advice relating to the specific circumstances of your situation be sought from our attorneys before acting upon the content of this article. This article was written at a particular point in time and accordingly may not always reflect the most recent legal developments, if any, applicable to the relevant topic. Kaplan Blumberg and its partners and/or employees, are not responsible for any consequences which may follow upon any decision taken to act upon the information provided in this article.

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