One significant change that takes place at the time of a divorce is the handling of taxes for those parties involved. Filing taxes as a married person is very different from filing as a single or divorced person. The strategies that may have worked well for a married couple will no longer apply. A family law attorney such as Brad Crider can help you work through tax issues and avoid complications.
What to Watch Out For
There are a number of key issues to be aware of when it comes to taxes during and after a divorce. It’s important to watch for these issues as you go through a divorce to avoid setting yourself up for tax related problems down the road. Here are a few factors to consider:
- The role of children – deciding which parent will claim child tax exemptions
- Division of property – for example, selling a home can have specific tax implications
- Stocks and other investments – determining when they are cashed in or sold can impact the amount of taxes owed.
- Retirement accounts – choosing to cash in or liquefy these accounts early can lead to significant tax penalties
- Alimony – in Arizona, spousal maintenance is tax deductible
Your Family Law Attorney Can Help
Discussing tax implications with an attorney as you go through a divorce can ensure the best possible outcome. Waiting until the divorce is complete may be too late. Crider Law is ready to help you sort through tax issues as you go through a divorce and help you come up with a clear plan. Attorney Brad Crider has years of experience as an attorney and is ready to put his knowledge to work for you.
Call Crider Law today to set up your first meeting with Brad to discuss the specifics of your case.