Tax Issues in Divorce
Seek Help from Our St. Louis Divorce Lawyers
There are tax implications for almost every decision made in a divorce.
The choices you make today regarding
child custody, alimony, and other
family law issues could affect your tax obligation for many years to come.
At Kallen Law Firm, LLC, our experienced St. Louis divorce attorneys advise
our clients on a wide range of tax issues. If you have questions, we are
here to help -
contact our divorce lawyers today.
High-Asset Divorce & Taxes
With all of the hassles and expenses involved in divorce, it is important
to preserve your assets through careful planning and expert understanding
of divorce and taxes.
An experienced St. Louis divorce attorney can guide you through a number
of tax-related concerns, including:
Spousal maintenance: Alimony is taxable income by the party who receives it, and is a deductible
expense for the party who pays it.
Stocks and 401(k) holdings: While property division is typically a tax-free event, you may face significant
consequences regarding taxes should you need to liquidate stock holdings,
retirement accounts, or other securities assets.
Child custody: As a general rule, the physical custody status of a child determines
which parent may claim the child as a dependent on their taxes. In cases
where shared physical custody results in a situation where both parents
have the child roughly 50% of the time, your divorce attorney may wish
to spell out the tax dependency of the child in the divorce agreement.
Closely-held businesses: When business owners divorce, the valuation of the business plays a crucial
role in the division of property. Future tax implications of the sale
of the business must be taken into account in order to ensure that the
division of property is fair and equitable.
QDROs: Pensions, 401(k) plans, and other employer-provided retirement benefits
are subject to division when couples divorce or separate.
Our St. Louis divorce attorneys have successfully handled numerous high-asset
divorces and other
family law matters for clients throughout the St. Louis metro area. Our goal is to help you
secure a stable financial future for you and your loved ones.
Contact Kallen Law Firm, LLC at 314.441.7793 for a
free consultation to learn more about your options.