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Divorce may have considerable tax impacts in Oregon

Most individuals worry about their finances at some point or another. A major catalyst that could spark this concern is going through divorce. Because ending a marriage means living on a single income and potentially losing and gaining assets during property division, understanding financial impacts may be vastly important. Oregon residents may want to pay particular attention to potential taxation.

If parties receive funds from retirement plans or pensions, they could face taxes on those funds. Many accounts of this type have specific taxation requirements, and if individuals are not aware of these stipulations, they may end up with less money than originally thought. This type of situation could also arise if people gain portions of investment accounts during division proceedings.

Real estate can also have unexpected impacts. Though a person may feel a great attachment to the marital home, maintaining that home on a single income may prove more difficult than imagined. Because of such potential issues, individuals may want to consider their budgets before fighting to maintain ownership of this type of property. If real estate is sold as part of the settlement, it may be important to again consider the potential tax effects.

Money problems can affect anyone, but many Oregon residents may be able to diminish the negative financial issues divorce could have by researching and planning ahead. It is understandable if individuals feel overwhelmed by such a prospect, but luckily, they do not have to go through the process alone. Knowledgeable family law attorneys could help concerned parties assess their assets and determine what outcomes they may find most favorable.

Source: mvtimes.com, "Finance 101: Divorce?", John Kageleiry, Aug. 21, 2017

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