Tax planning is essential in most divorce or dissolution cases. There are substantial benefits in understanding the tax consequences of child support, spousal support, and child dependency exemptions. It is also important to understand how decisions such as selling a marital home or division of stock can have tax implications. Finally, avoiding undesired tax consequences in the division of your retirement account will help in protecting retirement benefits.
Child support is treated differently than spousal support for tax purposes. This difference should be carefully analyzed, especially in situations where there is a significant difference in the parties’ incomes. There may be opportunities in the exchange of support to minimize tax consequences and to maximize the after tax dollars available for both parties. An experienced and knowledgeable attorney can advise you regarding your options to potentially allow “Uncle Sam” to help your families’ financial situation.
Child tax exemptions are also important considerations. It is important to understand when and how a party will benefit from having such an exemption. For instance, if one party’s income is too high, the benefit to that tax payer may be significantly reduced or even eliminated. To assure your family is receiving the best possible tax advantage, you will want to seek the assistance of a knowledgeable attorney who can help maximize your benefits.
The attorneys at Edward F. Whipps & Associates have access to sophisticated computer software that helps to accurately calculate various tax scenarios and access to a number of experts who can offer specialized assistance. With their knowledge and experience, Edward F. Whipps and Associates can help you develop a plan that offers your family the greatest tax advantage.
Contact an Experienced Tax Planning Lawyers Today
When you or your family faces significant tax issues in the context of family law problems, turn to a family law attorney at Edward F. Whipps & Associates to help. You can arrange a mutually convenient time for your initial consultation by calling our office at (614) 461-6006 or filling out this online contact form.