Taxes and Other Stuff

Hi there,

If you listen to the news you know that the so-called Bush tax cuts are expiring at the end of this year.  This affects all of us whether divorcing or not, and if you are in the process of a divorce there may be some planning your divorce lawyer can do in light of this to help minimize taxes.

Taxgirl, written by Kelly Phillips Erb , AND my favorite blog had an excellent, short (always good with tax information) explanation of the cuts.

Also, in this bad economy, who needs to get stuck with someone else’s credit card bills.  Here is a very good post by Sam Glover on his terrific consumer blog, Caveat Emptor, that gives some helpful hints on how to avoid this. One of the things I have learned over the years is to have clients pull their credit reports to make sure there are no old, outstanding accounts or accounts that their spouse may have on their credit of which they are unaware.

Last month New York ended its stand as the lone fault state and enacted no fault divorce. This very poignant article was written shortly thereafter. I have to wonder just what she thought she was saving? It highlights for me the fact that more and more marriage is becoming, at least in the eyes of the law, a contractual relationship.  Massachusetts now recognizes prenuptial agreements, post nuptial agreements, and has been for almost 30 years, a no fault state.