It’s tax season and everybody is getting those taxes in order, even our favorite celebs.
According to Forbes, rap phenomenon Kanye West and his reality star spouse Kim Kardashian are filing separate federal taxes, even though the Hollywood couple are legally married.
Even with two children in tow, Kardashian-West and West are making the conscious decision to keep their finances separate. If one spouse comes into the marriage with several assets and a prenuptial agreement, separate tax filings help keep things separate. If divorce is a looming possibility (and there have been rumors about Mr. West and his wife), then there is another good reason to file separately.
The issue is greatest for couples with large assets, especially where one or both face business or tax risks. There is always that pending “you never told me” kind of problem. If one spouse has current or past legal, tax or credit problems(as does Yeezy), separate filings can save you future financial issues. That’s true with couples who have separate property too.
With Wesy $53 million in debt, it may be in Kim K’s best interest to file separate from her husband.
