Divorce & Tax Issue Attorneys

Lawyers for Divorce Tax Guidance

When dissolving a marriage there are many, many different issues that must be considered, including how a divorce will impact your tax obligations. A divorce can trigger numerous tax considerations. Having an attorney that is not only skilled in divorce law but also tax law is essential to avoid paying unnecessary taxes. At the Illinois divorce law firm of Kezy & Associates, we are skilled in handling the tax ramifications of getting a divorce. Our divorce attorneys make sure your divorce settlement or judgment is properly crafted to ensure minimum tax liability.

Filing Taxes While Going Through a Divorce

The first tax issue to consider is how you and your soon-to-be ex-spouse should file taxes before your divorce is finalized. In many cases, the most beneficial option is to file a joint tax return. This can be challenging, however, when the divorce is not amicable. Additionally, it may not be advisable if you cannot count on your spouse to accurately report his or her income, as both spouses are jointly liable when filing a joint tax return.

Additional Tax Liability from a Divorce

The property and asset division process can expose you and your spouse to additional tax consequences such as capital gains taxes from selling a property and tax consequences from dividing retirement assets. There are ways to avoid or minimize some of these consequences, however. Attorney Mark L. Kezy is highly experienced in helping divorcing clients navigate complicated tax laws. Ideally, both spouses can work together to minimize tax consequences for each individual, but even in acrimonious divorces, there are ways to save money with strategic tax planning.

There are also tax considerations surrounding child custody and spousal maintenance payments. The dependency exemption, for example, is generally given to the custodial parent. In a settlement agreement, however, the custodial parent can negotiate with the non-custodial parent for the dependency exemption. Alimony also carries some tax ramifications that should be recognized prior to signing final divorce papers. Our attorneys make sure you understand all of the tax consequences of your divorce and ensure you will be in the best possible tax position following your divorce.

To learn more about how we can help you with tax issues during and after your divorce, contact us to schedule a free consultation. We will closely examine the circumstances of your divorce and marital estate to identify potential negative tax consequences that we can mitigate.