Law Office of Dawn R. Underhill
One of the parties in a couple familiar to many Joliet residents has filed for divorce. The move comes more than a year after their marriage came apart. Actors Ashton Kutcher and Demi Moore were married for six years, but Kutcher only recently filed for divorce. The paper work, submitted in Los Angeles, cites irreconcilable differences. There’s been no response from Moore.
The issue of property division has yet to be determined in the couple’s divorce, and it is unknown whether the couple had a premarital agreement. As expected, however, substantial assets remain at stake, as Kutcher rose to become the highest paid television actor during their marriage and Moore produced several successful movies. Moore previously obtained $90 million when she divorced actor Bruce Willis.
While this Hollywood divorce is hardly surprising, the fact that the filing has come when it has is prompting comment from some experts. They suggest that the timing may well have something to do with taxes and a desire to limit liability with the coming new year.
Typically, a person is considered unmarried for the entire year if the final divorce decree is entered prior to the end of the year. Conversely, if the decree is not received by December 31, the person is considered to be married for the entire year.
The distinction comes into play when individuals file taxes. Generally, filing jointly may enable people to obtain a lower tax rate. However, filing jointly also carries with it the accountability for a future ex-spouse’s tax liability.
Of course, this is just the beginning when it comes to issues involving divorce and taxes. Other important matters bearing on taxes include child support and possible determination of any spousal support. These issues may become complex, and should be considered as part of the divorce settlement.
Source: Los Angeles Times, “Ashton Kutcher-Demi Moore divorce timing may be about money,” Richard Winton, Dec. 24, 2012