Tax Consequences of Divorce

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Representing Clients Facing Divorce and Tax Consequences

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.

We understand the potential tax consequences that may arise as the result of divorce. We assist our clients in protecting the value of their marital property. Our attorneys help clients properly evaluate assets and debts while formulating a plan to divide their property while taking advantage of tax benefits.

Advising You Regarding Divorce and Potential Tax Consequences

Our attorneys work hand-in-hand with a CPA and other appropriate tax and financial specialists to help our 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, we 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
  • Exemptions for dependents
  • Filing taxes 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.

Protecting Your Assets Through Divorce

Divorce can be a complicated process even without the emotional stress and burdens. It is important to have a trusted and knowledgeable attorney to protect your assets and guide you through the various tax implications you’ll encounter.  We encourage you to call our office and speak with Attorney David Gabriel regarding the pending tax consequences in your divorce.

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