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:

Contact an Elgin Divorce Lawyer

When getting a divorce, you might not initially think about the tax implications. However, it is important to know your rights and understand how taxes can affect your settlement. Our trusted Geneva divorce attorneys have over 50 years of experience and will explain the intricacies of this complex issue so your financial interests are protected. At the Law Offices of Benedict Schwarz, II P.C., we have extensive knowledge of how taxes can impact your divorce proceedings. To schedule a free consultation, call our office today at 630-200-4882.

 

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000