Carolyn Mora
El Paso Times

I always enjoy reconnecting with clients during tax season. Many times joyful events have occurred during the year, such as marriage or the addition of a child to the family. These positive events often have a favorable impact on their tax return. Unfortunately, difficult situations also arise that bring challenges to the preparation of the tax return. Many of my clients are aging and are facing health problems. Sadly, some clients had to cope with the death of a spouse in 2007. A sound record-keeping system and the help of a family member or close friend can be extremely important in situations such as these.

On top of the emotional strain, the tax implications of divorce can be very unsettling, especially because of community property laws. In Texas and other community property states, communal assets are distributed equally, regardless of who earned more or spent more during the marriage. The courts typically allow the couple a certain amount of flexibility in deciding how to divide things. Even if assets are split equally in dollar amount, certain assets may have less favorable tax treatment than others.

Source: http://www.elpasotimes.com/business/ci_9305070