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Divorce Tax Tips: The Bottom Line

05/23/2011 05:49 pm ET | Updated Jul 23, 2011

It is said that every ending is a new beginning. Although last year's tax deadline has passed, it is not too soon to start thinking about mitigating this year's tax liability. If you are going through a divorce or even just contemplating one, there are measures you can take to reduce your tax bite.

While the divorcing litigants fight for every penny in dividing their marital estate, the parties often fail to tax impact their settlements. The failure to consider taxes could "steal defeat from victory" and, in effect, make the divorce even more costly.

Here are seven tax tips that should be considered before entering into a divorce settlement

The Bottom Line