Massachusetts Divorce Attorneys: Tax Consequences
RA JAWORSKI Helps Clients Understand the Tax Consequences of Divorce
If you are going through a divorce, paying taxes may be the last thing on your mind - but it is an important issue to consider. The decisions you make regarding support payments and the division of property may result in significant tax savings or even penalties.
At RA JAWORSKI PC, we will thoroughly analyze your situation, including tax returns, to determine the potential tax implications. We will then provide you with the information you need to make sound legal decisions. Please contact our offices in Danvers, Massachusetts, to schedule a free initial consultation.
Tax Consequences to Consider
Some general tax information typically associated with the dissolution of marriage includes:
- Alimony is deductible for the payer, but is considered taxable income for the payee
- A person can still claim "head of household" status as long as the dependents live with you
- The exemptions for dependents can be apportioned between the spouses
- If considering finalizing a divorce at the end of a calendar year, it may be better to wait to finalize until the beginning of the following year in order to maximize tax benefits
- If dividing investment accounts, one may be worth more than another because of the tax ramifications upon sale and distribution
- There are certain tax ramifications for owning a house and other property
Every divorce is different. It is therefore important to contact a lawyer who can help determine and explain the tax consequences of your situation. At RA JAWORSKI PC, our attorneys' extensive experience and in-depth legal knowledge allows us them provide honest legal advice regarding these complex issues. Please contact us to discuss your case with an experienced Massachusetts family law attorney during a free initial consultation.
