Helping minimize the tax consequences of divorce

Too often, divorcing couples don’t consider the tax consequences of their decisions regarding division of property and assets, spousal and child support and other financial matters. That’s why at David M. Gabriel & Associates, we work with a certified public accountant to help our clients avoid unnecessary tax liability and ensure that their marital property is properly valued so that it can be divided fairly.

At David M. Gabriel & Associates, 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. We help clients properly evaluate assets and debts while formulating a plan to divide their property while taking advantage of tax benefits.

Dividing money in retirement accounts can be particularly tricky. If it’s not done correctly, you could find yourself paying substantial and unnecessary tax penalties.

A qualified domestic relations order is often used to divide money in pension plans, retirement accounts and annuities. Our attorneys are experienced at drafting QDROs that help our clients protect their hard-earned retirement savings in a divorce.

Selling the family home is another aspect of many divorces that can have serious financial consequences. We help clients deal with potential capital gains or losses from the sale so that they aren’t faced with an unexpected tax burden when they pay their taxes the next year.

We help them deal with issues that affect their taxes such as claiming dependents, reporting the receipt or payment of alimony, 529 college savings plans for their kids and changes in filing status.

The Internal Revenue Service has a publication specifically for divorced and separated people that’s a good reference and helps provide an overview of some of the potential tax issues to consider. However, each case is unique. That’s why we work to provide our clients with individual guidance that’s in their best interests.

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