The Decisions You Make In Divorce Will Impact Your Tax Situation
We Review All Tax Implications So You Are Fully Informed
The implications of your divorce could reach far into the future, especially when taxes are involved. Our Charlestown lawyers are committed to helping protect your assets and minimizing the tax consequences of your divorce as much as possible. We work with a number of financial experts who can help delineate the tax implications of various aspects of the ending of a marriage.
For example, payments made for spousal support can affect your taxes, as can payments to support your children. Arrangements regarding where your children will live can also affect your tax bill, as can the way in which properties and other assets get divided. Members of the military and senior citizens, in particular, may have special tax issues related to divorce that we can help navigate.
We can also help LGBT clients handle the tax implications of dissolving a marriage. The legal ramifications of recent changes in the federal law may provide significant benefits and advantages not formerly available to same-sex couples. It is important to work with an attorney who understands the specifics of your case and is familiar with this area of law.
Filing Returns While Your Divorce Is Pending
Your divorce may alter how you file your tax returns now and in the future. Rather than filing as a married person, regardless of whether or not you had previously handled your taxes jointly or separately, you may now be filing as a single person or as the head of the household. This change could impact the exemptions for which you are eligible and could also influence your liabilities.
During your divorce proceedings, you may also have to consider how to file your returns. Decisions will have to be made to distinguish which filing is the most beneficial, and if you are filing separately, who will claim your children as dependents. We can help walk you through these decisions and discern the best decision for your circumstances.
We Are Ready To Help
Our attorneys are committed to finding creative new ways to minimize the tax burden of your divorce. You have spent a significant amount of time invested in your marriage, and divorce should not be the cause of you paying unnecessary taxes to the government because of the breakdown.
Our interest is in giving you the best value for your money, which is why we offer impeccable legal counsel at a competitive rate of return. If you have questions about divorce tax issues and would like to learn more about how we can help, you can reach our Charlestown, Massachusetts, firm today by calling 800-441-7573 to schedule a free consultation. We also travel outside the office to meet with our Middlesex County clients.