When family law matters and tax collide: traps your family law professional needs to know about
08/12/20 • 69 min
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
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
Previous Episode
Welcome to The Tax Chick Podcast
In this "sneak-peek" episode, I share with you why I started this podcast, and what you can expect in upcoming episodes.
If you are listening to this podcast because you are expecting a technical discussion on different tax planning techniques, then I am afraid this is the wrong podcast for you. I am not going to tell you how to defer tax, how to avoid tax, or talk about butterfly reorganizations, 10-8 insurance plans, or loss utilization strategies.
So what is the purpose of this podcast?
- My goal is to give you “food for thought”. Something to discuss over the dinner table with your family, or perhaps over the water cooler with colleagues.
- I want to help listeners be able to identify when they need to seek help from a professional - and what professional they should call.
- I want to promote and encourage the idea of collaborative practice amongst professionals - and that it is imperative to work as a team to come up with the best solution.
- And, I also hope that you might occasionally giggle, or at least smile, during some of my discussions. Tax law and discussions about tax do not always have to be so serious!
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: [email protected]
- Connect with me on Instagram: @tax.chick
Next Episode
The man behind the music - a casual chat with Craig Clement, the creator of my intro/outro music!
In this bonus episode, we take a quick detour from our regularly scheduled programming to chat with Craig Clement. Who is Craig Clement? Well, Craig is an NBA enthusiast, die hard Drake fan, creator of the intro/outro music for this podcast, and... my fiancé. Join us for a candid discussion on Craig’s love of music and his creative process. Recorded in The James Hotel in the heart of downtown Saskatoon.
RESOURCES DISCUSSED IN THIS EPISODE
- The James Hotel - http://thejameshotel.ca/
- The last podcast Craig listened to: https://www.theringer.com/the-bill-simmons-podcast
- Our guilty pleasure podcasts:
https://podcasts.apple.com/ca/podcast/90-day-fiance-cray-cray/id1423940128
https://www.theringer.com/bachelor-party - Drake’s OVO Store Website - https://ca.octobersveryown.com/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: [email protected]
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
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