![\"Divorce](\"http:\/\/www.cadivorcemediators.com\/wp-content\/uploads\/2014\/08\/6474163_ml2.jpg\")
<\/a>Under current Federal tax law, if you have lived in the same house for two of the last 5 years as your principal residence, individuals are exempt from capital gains taxes of up to $250,000 in taxable profits on the sale of your house, and $500,000 in taxable profits for married couples.<\/p>\nFor any profits above these amounts, capital gains taxes are assessed of 20% would be assessed, which married couples would be equally liable for.<\/p>\n
There are occasions where one of the spouses involved in a divorce wishes to \u201cbifurcate marital status\u201d while their divorce is pending, meaning that the Court can restore the parties to single persons while the rest of the dissolution case is still pending. For example, one of the spouses may wish to remarry, and they cannot legally do so without first terminating their marital status.<\/p>\n
However, the parties must first determine the approximate amount that their residence has (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Under current Federal tax law, if you have lived in the same house for two of the last 5 years as your principal residence, individuals are exempt from capital gains taxes of up to $250,000 in taxable profits on the…<\/span><\/p>\n