Actress Pamela Anderson and Rick Saloman have divorced each other again. This would be the second time the pair has married and divorced. Their first marriage lasted only two months and was annulled. They were married the second time in 2013, and Anderson filed for divorce in 2014. Their divorce and tremendous settlement has made news headlines in Texas and across the country.
Anderson gained a settlement from Saloman of $1 million. There were reports of tax problems with Saloman, and Anderson was making allegations that there was a possibility of tax evasion on his part. It is thought that Saloman handed over the settlement to encourage his now ex-wife to keep quiet about his potential tax issues.
A divorce among a couple of this financial magnitude comes with many considerations. The division of massive amounts of valuable property, real estate, furnishings and money can be quite complex, especially in the income tax department. While there are typically no income taxes due on property that is awarded to one party in a divorce, there are considerations for the tax basis acquired for that property. The tax code does not impose limits on how much property can be transferred between a divorcing couple. However, the tax bills usually begin pouring in after the divorce when property is being sold, donated or liquidated.
High-asset divorce often causes people to show their true colors, and things can become unfriendly in a hurry. Topics like spousal support, child custody and division of property can be the tip of the iceberg in the argument of divorcing spouses. Dividing assets in a manner that will not cause tremendous tax burdens in the future is key in this type of divorce.
Source: Forbes, “Pamela Anderson Divorces Rick Saloman Again, Gets $1M Settlement,” Robert W. Wood, April 30, 2015