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The Matrimonial StrategistLJN NewslettersNewsSections

When It's Better to Be in Bed with the IRS

By Laurence J. Cutler and Erin D. DeGeorge

So often we encounter clients who live above their means. To finance their spending in excess of income, parties may use credit cards, take out a home equity line of credit on their home, borrow against life insurance policies and/or make early withdrawals from their retirement accounts. These individuals generally pay off their marital debt with a portion of the proceeds from the sale of the marital home. But what happens when the client and his or her spouse have been living above their means by failing to file their federal and state income taxes?

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