There’s a lot to decide during a divorce. How is custody divided? Who gets which assets and liabilities? What does each spouse need to move on and start a new life? Money is perhaps one of the most important topics to consider during negotiations, since failing to pay proper attention to money, taxes, and divorce could cost you significant amount of money over the years.
Tax liabilities should be divided up during a divorce settlement. Whether you owe taxes to the state of Florida, the IRS, or both, failure to pay in full or on-time could lead to wage garnishments and seizure of assets. Deciding who is responsible for tax liabilities makes it easier to set up a payment plan with the appropriate agency and prevents accounts from going to collections.