“So I have a question being posed to me that’s outside of my wheelhouse – What are the tax implications of a divorce? I’m not a tax attorney, I’m not a CPA, so I would tell anybody, talk to your tax attorney talk to your CPA.

Generally speaking, from my point of view the tax implications are that if you divide property incident to a divorce it’s not a taxable event. Generally speaking, spousal support is now taxable. Generally speaking you don’t pay tax on child support. I can tell you that when you take assets in the divorce, you have to be careful because you take the basis with them meaning you get the cash, you get the house they’re worth the same, but are they? Because when you go to sell the house there’s going to be capital gains, so you might end up paying capital gains tax where the other spouse took an asset that was free and clear of tax. Far too complicated, fact-driven analysis. When in doubt, seek tax advice, but that’s generally what you can expect.”