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Elgin divorce attorneyIf you are going through a divorce, the first thing on your mind may not be taxes or financial issues; however, it is important to know that a divorce does have tax implications. Your filing status, tax consequences of maintenance payments, property transfers, and more are typically decided by your divorce judgment/order and affected by any new tax law changes.

A division of assets agreement should take into account any tax issues so there are no surprises later. If you are ending your marriage, a knowledgeable divorce attorney can help you prepare for any financial consequences.

Asset Division 

When a couple negotiates how to divide marital assets or property during a divorce, it is imperative to consider the areas that may have potential tax implications. Most marital property does not incur a tax liability if transferred, but you should consider the potential tax consequences of considerations such as:

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