Dating after divorce children involved
Don't be fooled if your spouse offers you property of equal value but conveniently forgets to inform you of the tax liability.
If the home is to be sold and there is a considerable gain in value (over 0,000), you should consider selling before the divorce to take advantage of the full 0,000 exemption.
For example, a bank savings account is highly liquid, because you can simply withdraw funds from an ATM when you need them.
An antique automobile, however, is nearly illiquid because it is very difficult to quickly sell this asset to access the actual cash value.
Capital gains, income tax, and alimony are just a few of the areas that may be impacted.
Capital gains taxes need to be analyzed when property is being divided.