Divorce is a difficult and emotional process. It also has many tax implications, and it is imperative that you seek experienced advice regarding the potential consequences of your divorce settlement with regard to tax filing status.
We will work closely with you and your divorce attorney during the negotiation and settlement process to advise you about alimony versus child support, child dependency claims, child tax & education credits, medical and mortgage payments, the tax basis for the division of property, retirement plan distributions, college planning, and selling of your personal residence.
There are many complicated financial and tax implications to the decisions that are made during a divorce. Most attorneys focus on the legal and personal aspects of divorce, and you need a professional to consider the financial and tax ramifications of the settlement. They can be significant.
Contact us to set up an appointment if you are planning to divorce. Our expert advice will protect you from unintended tax obligations.