Your Resource To Understanding Divorce Tax Considerations
When a couple decide 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
Our experienced family law attorneys have more than 130 years of combined experience guiding families through the divorce process. Armed with both legal and financial expertise, our legal team understands how taxes can be affected by divorce and what to do to prevent future complications. Some of these considerations include:
- Tax advantages or disadvantages associated with the date the divorce is finalized
- Whether to file jointly or as married but filing separately if the divorce is not completed by the last day of the tax year
- Which parent is entitled to claim the Child Tax Credit
- Tax implications related to the transfer of property
- Potential tax consequences involved with transferring such financial assets as IRAs
Understanding the ramifications of these issues allows our attorneys to ensure you are aware of any interest or penalties that could result from the decisions you make during your divorce process.
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.