Tax Issues to Consider in Your Massachusetts Divorce
Are you facing a divorce? Taking proper measures now can help you avoid tax difficulties that may arise in the future. In fact, planning effectively during a divorce can actually increase the value of your property.
At David M. Gabriel & Associates, we understand the potential tax consequences that may arise as the result of divorce and assist our clients in protecting the value of their marital property. We help clients properly evaluate assets and debts while formulating a plan to divide their property while taking advantage of tax benefits.
To make an appointment with an attorney at our Salem, Lynn, or Beverly law offices, contact us online or call us at 978-712-4825 or 781-593-9980.
How We Can Help
At David M. Gabriel & Associates, we work hand-in-hand with a CPA to help clients form a beneficial strategy to divide assets, determine the payment of alimony and child support, and plan for college tuition funding. We assist clients in performing an analysis of their respective incomes, taxes, and liabilities, then develop a practical plan that can be used in generating a separation agreement.
We will offer practical advice regarding the following tax issues that often arise in divorce:
- Alimony and child support tax consequences
- Non-qualified property transfers within the marriage
- Selling the marital home (and any capital gains or losses that go with the sale)
- Contributions to 529 college savings plan
- Dependency exemptions for children
- Filing as head of household
- Tax deductions
Qualified Domestic Relations Orders
A qualified domestic relations order (QDRO) is a court order required in certain situations to divide retirement or pension plans, allowing this property to be split in divorce. We draft QDROs and help clients divide their annuities, pensions, and retirement plans. We help them avoid tax penalties that often arise as a result of the division itself.
Contact Our Law Offices in Beverly, Salem or Lynn
To speak to an experienced lawyer regarding your divorce, contact us online or call us at 978-712-4825 or 781-593-9980.
