New Divorcenet.com Resource Provides Tax Help for the Newly Divorced

NEWTON, Mass., Feb. 21 /PRNewswire-FirstCall/ -- While divorce has a radical and long-term effect on a person's finances and tax status, many people are unaware of the factors involved and unprepared for tax season and beyond. As a result, Divorcenet.com (http://www.divorcenet.com/), the leading online divorce resource, today announced a new "Divorce and Taxes" section (http://www.divorcenet.com/taxes) designed to give newly divorced people easy access to information and forms that can help them navigate tax season as a single person and make better-informed decisions about in-progress divorce settlements.

Divorce settlements have far-reaching personal finance and tax implications, so it is critical that all parties are well-educated about the factors involved. For example, unlike child support, alimony is taxable to the recipient and deductible by the paying spouse under the rules of the Internal Revenue Service. The other top issues relative to taxes and divorce are:

  * Do I file a joint, separate, or no return?
  * Can my children be claimed as dependents if they don't live with me?
  * What is innocent spouse relief?
  * What are the tax consequences of property transfers or the sale of the
    marital home?

Since these issues can have significant and lasting impact on the finances of both parties in a divorce, they must be clearly understood in advance to avoid a personal finance and tax season disaster. The new Divorcenet.com "Divorce and Taxes" section can help people educate themselves about what each decision will mean for their current and future finances -- through tax season and beyond.

In addition, during tax season people can spend many frustrating hours searching online for critical forms and many consumers find that helpful information written in plain English is in short supply. To address this, Divorcenet.com has gathered helpful editorial commentary and hard-to-locate IRS forms that can help people work better with their tax advisors and eliminate the confusion around collecting relevant documentation.

"Whether there is a divorce, annulment, separation agreement, or dissolution, taxes need to be considered in making informed choices," said Sharyn Sooho, co-founder of Divorcenet.com. "Taxes and divorce in isolation of each other can be stressful and bewildering; combine the two and it can seem an insurmountable obstacle to the average person. We believe that by using the information and easy access to relevant forms on Divorcenet.com, people can increase their knowledge of the tax problems created by a divorce and as a result they can achieve a better settlement."

Help for Every Stage of Divorce

Many people use Divorcenet.com throughout their divorce for support, information and direction. The "Stages of Divorce" on Divorcenet.com features channels for each specific phase of the process including -- 'Considering Divorce,' 'Planning Divorce,' 'Filing and Litigation' and 'After Divorce.' Each channel provides resources and support particular to that part of the process. In addition, Divorcenet.com's DivorceZip service is the industry's first zip code search that allows people to access both legal and related professionals, such as financial and mental health experts, specifically focused on divorce-related issues. Since divorce and family law differ from state to state, it is important for people to be able to easily find local resources that will give them the most pertinent information for their situation.

About Divorcenet.com

Founded in 1995, Divorcenet.com(R) is the leading provider of consumer- focused divorce information, seeking to empower women and men undergoing divorce. Consumers can access objective, credible and trusted divorce-related general and state-specific articles, support communities, interactive tools for managing divorce, and a nationwide directory of divorce lawyers, mediators and financial professionals.

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