Your Resource To Understanding Divorce Tax Considerations
When a couple decides to end their marriage, they’re likely concerned with issues such as the divisions of assets or child custody issues if children are involved. Taxes are probably far from the top of their list of concerns. But there are a variety of tax considerations a divorcing couple should be aware of to eliminate potential problems that could arise.
At Levin & Brend, P.C., we understand how taxes can be affected by divorce. We help clients in the Chicago area navigate the divorce process with a keen eye for their best interests in every step of the journey. With a staff of attorneys who are also CPAs and accountants, we have a unique understanding of critical tax issues that should be part of the negotiation and settlement process.
Tax Considerations To Consider
With over 130 years of combined experience, our seasoned family law attorneys are dedicated to helping families navigate the complexities of divorce with confidence and clarity. Our team brings not only deep legal knowledge but also financial insight—particularly when it comes to understanding how divorce can impact your taxes and how to avoid costly mistakes down the road.
We proactively address key tax-related considerations, including:
- Timing of the divorce finalization and its potential tax advantages or disadvantages
- Filing status options—whether to file jointly or separately if the divorce isn’t finalized by year-end
- Eligibility for the Child Tax Credit and which parent can claim it
- Tax consequences of property transfers during divorce
- Implications of transferring financial assets, such as IRAs and retirement accounts
By thoroughly evaluating these factors, our attorneys ensure you’re informed about any potential tax liabilities, penalties, or missed opportunities—empowering you to make decisions that protect your financial future.
Offering Wide-Ranging Legal And Financial Services
As leaders in forensic divorce, Levin & Brend, P.C., is one of the few law firms in Chicago equipped to handle the legal and financial aspects of your divorce without third-party accountants. We do both individual and corporate tax preparation, offer tax planning advice and conduct business valuations. This level of financial and tax expertise enables us to guide our clients through the divorce process with careful consideration of all potential tax implications involved.
If you are facing the prospect of a divorce, let our attorneys use their CPA qualifications to ensure there are no lingering tax ramifications lost in the process. Email us or call our Chicago office at 312-726-4440 to discuss your case.