Birmingham Tax Implications In Divorce Attorneys
Divorce has the potential to complicate your tax situation. That’s one of the reasons why it is so important to pay attention to your divorce proceedings and retain an experienced and knowledgeable attorney who can help advise you of the potential consequences of your divorce terms.
Common Tax Mistakes
There are a few different tax issues that have the potential to cause serious financial ramifications that can have a serious impact upon the financial well-being of the individual experiencing them.
Some common tax mistakes that are made after a divorce are:
- Claiming child support as income or a deduction
- Failing to claim spousal support as a deduction (the payer) or income (payee)
- Filling out the QDRO (Qualified Domestic Relations Order) form after the divorce has been completed when the marriage in question had one or more retirement funds
- Not deducting financial and legal fees connected to the divorce (not all expenses are allowed to be deducted, but some are)
- Splitting investments so that one individual is subject to a tax bill as a result of huge capital gains
- The wrong spouse, or both spouses, claiming a child as a dependent
An experienced attorney can advise you of your rights and throughout the process. Don’t make a mistake and end up on the wrong side of the IRS. It is important to speak with a professional regarding your taxes and how your divorce can impact them. Taxes can be complicated, as are divorces, and trying to figure out how tax issues relate to divorce issues can be especially confusing.
Tax issues most commonly arise when divorcing spouses divide property and marital assets, and pay or receive spousal support / alimony. There are many other tax implications to consider when finalizing a divorce. Our experienced lawyers will thoroughly analyze your situation and make you aware of all potential considerations before pursuing a resolution.
Let our over 135 years of combined experience work for you. We work tirelessly to address your concerns, and help you understand all of the options available to you.
Tax Implications In Divorce Lawyers
Gordon, Dana & Gilmore, LLC is the preferred law firm for the handling and referral of sensitive business, personal and litigation matters that require “troubleshooting expertise” as well as a professional approach at a higher level.