Tax Issues in Divorce

The divorce process generates a number of tax consequences. The party represented by an attorney who understands how taxes impact your divorce settlement has a major advantage. Make sure you get the complete picture on tax issues in your divorce.

At the law offices of Maxwell & Van Ryn, LLP, our divorce attorneys can help you plan for the numerous factors that will affect your settlement, including taxes. With comprehensive real estate and business law experience as well, we provide our clients with the integrated legal counsel needed to handle complex divorce matters.

Taxes Will Impact How Your Divorce Settlement Works

The tax aspects of asset transfer and property division are just as much a part of your marital estate as your house, car or other assets. By taking proper account of tax attributes, you will effectively increase the amount of property available to split. In addition to providing a more complete picture of available assets, you will avoid unanticipated consequences after your divorce.

In addition to property division after your divorce, we will take a look at other tax consequences, such as income tax, child support, or capital gains tax as well as the sale of residential real estate. We also assist same gender couples with federal and state tax issues. The assignment of tax obligations or benefits from one spouse to another can help balance out these plans.

People don’t always consider the tax implications of child support. For example, depending on your tax bracket, you may have to earn $30,000 to pay $20,000 in child support.

By paying attention to the basis, depreciation and characterization of different tax consequences, you can come up with a divorce settlement that not only protects your own financial interests, but can also protect the overall value of the marital estate.

Our attorneys have experience handling tax issues of all kinds involving the Internal Revenue Service (IRS) and the New York Department of Taxation. When necessary, we consult with accountants, tax specialists and valuation experts in order to assess the value of assets and the impact taxes will have on our clients’ divorce settlements.

Contact Our Albany Lawyers About Divorce Settlement Issues

No marital property division plan is complete without fully considering the federal and New York state tax consequences. From our offices in Delmar, we help individuals and families in the greater Albany area take proper account of taxes in divorce. Call 518-475-0016 or contact us online today for a consultation with no obligation.