Tax Consequences of Divorce Attorney
in Norfolk, Middlesex, Plymouth Suffolk Counties, Massachusetts
Understanding the Role Taxes Play in A Divorce
Taxes are always a certainty before, after, and during your divorce. Attorney Paul C. Bishop help clients understand how divorce will affect their taxes. He works to maximize your cost savings by creating a comprehensive tax plan and divorce settlement.
His knowledge and experience can guide you through your tax options throughout your divorce. For a confidential initial consultation, contact Attorney Paul C. Bishop in Norwood.
Understanding the Tax Consequences of Your Divorce
Attorney Paul C. Bishop can help you understand the tax implications of every aspect of your divorce or family-related matter, including:
Alimony: Spousal support typically is non-deductible to the spouse who pays it
and non-taxable income for the receiving parent.
Child support: Like alimony in most instances, child support is not tax-deductible and it is not taxable income. However, the amount of support still needs to be included in your tax return.
Marital home: If you receive the marital home in your divorce, it is important to include language in your settlement to divide any capital gains tax between you and your ex-spouse. Without this language, you could end up paying the full taxes for any increased value in your home during your marriage, and this tax can be costly down the road.
I will walk you through the necessary steps. Contact me today for legal assistance.
The Difference Between Joint and Separate Filing
After your divorce is final, you cannot file jointly with your ex-spouse. However, while you can file jointly during your divorce, it may be beneficial to you to file separately. In particular, if you or your spouse doesn’t work, you may be able to save money by filing separately.
Our divorce attorneys will advise you on all of your pre-divorce and post-divorce tax options. We will help you develop a divorce settlement that takes taxes into account.
Receive Personalized Attention, Request a Consultation
For dedicated service and attention to every detail of your divorce, contact our property division attorney in Massachusetts. Our experience means your success.