When family law matters and tax collide: traps your family law professional needs to know about
In this episode, my law partner, Kim Visram, joins me for a candid conversation on key tax issues that a person needs to keep in mind when separating/divorcing - we discuss taxation of spousal and child support, the child tax credit, the importance of int
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Show Notes
As if going through a separation or divorce wasn’t stressful enough, there are several income tax traps that can arise when dealing with issues arising from a separation. Not only does your family law advisor need to know about family law, but it’s important that they understand the fundamental tax issues that may also arise. A family law advisor can also help you avoid dealing with tax traps by effective planning through a prenuptial or cohabitation agreement. Agreements of this nature, and alternative methods of dispute resolution, are becoming a lot more popular as more spouses are prioritizing having those big discussions upfront regarding expectations pertaining to financial and property matters should a separation arise. Join me and my law partner, Kim Visram of SHTB LLP for a discussion regarding tax traps, interspousal agreements and what other options exist if you do not want to set foot in Court.
In this episode, we discuss the following issues: (1) Key tax issues that arise in most separations/divorces (8:38); (2) How to minimize financial implications upon separation/divorce with effective planning in an interspousal agreement (45:20); (3) How to utilize alternative dispute resolution measures to find creative solutions and minimize tax implications arising from separation/divorce (56:00).
RESOURCES DISCUSSED ON THE EPISODE
- “Negotiate your best life” (A podcast) - https://negotiateyourbestlifepodcast.com
- Conflict Resolution Saskatchewan: https://conflictresolutionsk.ca/member-profile/?uid=162
- Government of Saskatchewan, “Family Mediators who have been recognized under Section 44.01 of The Queen’s Bench Act, 1998” - https://pubsaskdev.blob.core.windows.net/pubsask-prod/115118/Recognized%252BFamily%252BMediators%252BList_July%252B16%252B2020.pdf
MORE FROM KIM
- Website: https://www.shtb-law.com/lawyers/kimberly-d-visram/
- Facebook: https://www.facebook.com/KimberlyVisramLegal
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: [email protected]
- Instagram: @tax.chick