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Divorce is a hot topic for many industries, including accounting. Certain plans in Washington may make it a financially smart decision to get a divorce. So-called “strategic divorces” may benefit those who would pay wealth taxes in proposed plans by Senator Elizabeth Warren and Senator Bernie Sanders.
“This isn’t the first time we’ve heard of this,” Arik Benari, of The Benari Law Group, which handles Delaware County divorces, says. “There were similar discussions when the 2018 Tax Cuts and Jobs Act was passed.”
This act and those proposed by the Senators have a “marriage penalty,” which taxes those who file together and have at least $612,350 in taxable income during 2019 would push them into the 37% tax bracket. As a result, some couples are considering divorce simply to save on their taxes.
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“Divorces get messy when you include finances,” Benari continues, “which is why it seems strange that people would consider getting them because of finances. Of course, there may be other benefits for spouses, such as qualifying for Medicaid and children applying for student loans. Still, people do not realize how deep divorces go – you could impede your retirement benefits, social status, insurance coverage, and business interests. To save a couple of hundred dollars a year, it just doesn’t seem worth it to me.”
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About Benari Law Group
The Benari Law Group is a top-rated criminal defense team with offices in Media, West Chester, Philadelphia, Doylestown and Norristown, Pennsylvania. Their primary focus is on state and federal crimes all the way up to capital crimes. The team works diligently on all matters, including DUIs, appeals, pardons, and expungements.
Founded by Arik Benari in 2001, The Benari Law Group is a diverse team with more than 50 years of combined legal experience, drawing from a range of professional backgrounds to help serve the needs of their clients – including former prosecutors and seasoned defense lawyers.
For more information about Benari Law Group or your DUI case, call (610) 566-1006.
Benari Law Group
200 W Front St,
Media, PA 19063
610-566-1006
Release ID: 88934780