When couples are going through the divorce process, the last thing on their minds is probably taxes. However, you need to consider the tax implications of certain assets when entering a divorce settlement. Failing to do so could lead to an unfair divorce settlement for one party. At Wilson-Goodman Law Group, PLLC, we have the experience you need to get through all aspects of your divorce. When you need a Chandler divorce attorney, we will let you know about the tax implications you are facing.
Getting to the bottom of every aspect of a divorce can be complicated, and you need to find an experienced family law attorney to help. At Wilson-Goodman Law Group, PLLC, we are one of the oldest law firms in the area and are ready to help you.
Tax considerations can affect many aspects of the divorce process, including property division, spousal maintenance, and child support. An experienced family law attorney will have knowledge in all aspects of the divorce process and understand the tax implications.
Arizona law allows a judge to consider taxes that will become due upon the sale of an asset during a divorce case. There are many assets in a divorce that will need to be equitably divided, and many of them have varying tax requirements. This could include the sale of a home, business, or stocks (capital gains taxes).
There are also many retirement accounts that involve tax issues, particularly if they are going to be cashed out before the proper retirement age. This means that $10,000 in a savings account should not be considered the same as a $10,000 retirement account because the money in the retirement account is often subject to taxation when withdrawn.
You should also be aware that, as of January 1, 2019, federal law removed the tax effect on spousal maintenance. These payments are no longer tax-deductible, and the person receiving them is not taxed on the payments.
Divorce can be complicated, and so can taxes. When these two topics are combined, you can find yourself in uncharted waters. At Wilson-Goodman Law Group, PLLC, we are ready to bring more than 20 years of family law experience to your side. There are various tax implications for couples in a divorce process, and we will work to ensure you understand them. When you need a Chandler divorce attorney, you can contact us for a one-on-one appointment to discuss your case by clicking here or by calling (480) 503-9217.