Divorce Tax Issues
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Barrington Divorce Tax Issues Lawyers

Maximizing The Value Of The Marital Estate

Tax issues are one of the most overlooked aspects of a divorce. However, taxes can have a significant impact on a property settlement in divorce. An attorney skilled at recognizing these tax issues can help you structure your property settlement to ensure you receive the most value.

As an accountant, our firm's founding attorney Joseph M. Lucas is uniquely qualified to help you identify and handle all of the tax issues that could arise in your divorce. The lawyers at Lucas Law in Barrington, Illinois, have more than 25 years of family law experience. For advice on taxes in divorce contact us online or call 847-381-8700.

Common Tax Issues In Divorce

Many of the decisions you make during your divorce will have tax implications. Some of the most common tax issues that arise during divorce include:

Property: Generally, property transfers between spouses as part of divorce do not have tax implications. However, if the property is sold, there may be tax implications. For example, you may incur capital gains taxes on the sale of the marital home.

Retirement accounts: There are special rules for dividing retirement accounts such as IRAs, 401(k)s and pensions in divorce. If you cash out your accounts, you will incur significant taxes and penalties. We can help you draft a qualified domestic relations order (QDRO) that ensures these assets are transferred smoothly.

Stock options: The tax treatment of stock options in divorce depends on whether they are qualified or nonqualified. We will help you understand how the taxes on stock options might impact your settlement.

Spousal maintenance: Court-ordered alimony is tax deductible for the payer spouse and will be taxed as income for the spouse receiving the payments.

These are just a few of the many tax issues you may encounter during your divorce. Our experienced Barrington divorce tax issues attorneys will focus on minimizing your taxes after divorce and maximizing the value from your settlement.

Contact The Hawthorn Woods Taxable Investments Attorneys Of Lucas Law

To discuss your tax concerns with one our experienced attorneys, contact us online or call 847-381-8700.

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