Marital assets and taxes: What about capital gains?

Imagine you’re in the midst of the asset division process during your divorce. You want to keep the $1 million family home and your spouse wants to keep the $1 million investment portfolio. Both are worth the same amount of money so it should be a simple process of you keeping the house, and your spouse keeping the investment portfolio — right?

Not necessarily. Capital gains taxes could apply to either the investment portfolio, the house, or, likely, both. You’ll need to consider the amount of these tax liabilities when you’re dividing your home.

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How to Know Whether or Not to File for Divorce

It’s arguably one of the most important decisions that you will ever have to make — whether to stay in a dysfunctional marriage or file for divorce. Each spouse has to come to his or her own conclusion whether to file for divorce based on the individual circumstances in the marital relationship. But there are some questions that all can ponder in order to make the right decision for all parties, including the kids.

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Divorce With Dignity

A divorce can be a trying time for you and your former spouse. It’s already a sad and hurtful time, but it’s even worse considering that during divorce hearings, information may come to light that is difficult to hear. However, it’s important to remain mature, civil, and respectful. According to psychologist Susan Quilliam, “Dignity is our best friend in a crisis because it reminds us that, although we may be at the mercy of uncertain circumstances, we can at least be in control of ourselves.” Consider these tips to help navigate through your divorce with dignity.
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