Property divisions in a divorce carry tax ramifications

04/7/2013 | Journal of Accountancy

A CPA must be prepared to provide several services to a divorcing client, including helping him or her locate all of the marital assets and ensuring that the marital property is properly divided with no unforeseen tax consequences. Much depends on whether the state is common law or a community property state. Other issues to consider are whether a spouse transferred assets during a period of marital strife and whether full disclosure of assets was made.

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