Tax Implications
Many individuals will have questions about the tax implications of dividing property, selling the marital residence, splitting retirement plans, alimony, child support, and financial planning issues. At our firm we specialize in answering these types of complex questions for you.
There are many options to consider when filing a tax return during a divorce:
- What filing status should I choose?
- Should I file with my soon to be ex-spouse if he or she is self employed?
- Can I deduct alimony or child support and do I need to report it?
- Who gets to claim the children?
- Am I responsible for my ex-spouses tax liability?
- If we file separately, how can we split the property deductions?
- Are my legal fees for the divorce deductible?
Often overlooked tax issues in a divorce are:
- Exclusions on capital gains from the sale of the marital home
- A non-working spouse who can get money out of a 401(k) without paying a penalty, even though he or she is only 50
- Avoiding tax recapture on maintenance
- Turning property settlement notes into deductible maintenance
- What is Innocent Spouse relief?
- What is a QDRO and what are the tax consequences of splitting it?