Fairfax Divorce Lawyer
Money is a large component of divorce. As property, assets and debts are figured out, it is likely you will start to wonder if any of the money exchanging hands will result in tax consequences. At the law firm of Michael A. Ward, P.C., Attorney at Law, I can help you understand the tax aspects of divorce.
Would you like to speak with a divorce attorney about the tax aspects of divorce? Call me at 703-763-0896 for skilled assistance from an attorney with more than 30 years of experience. I can meet with you at my Northern Virginia office in Fairfax or my Central Virginia/Lynchburg-area office in Forest.
Tax Aspects of Divorce
As your attorney, I provide highly individualized and personalized attention. If you have any questions about how certain aspects will affect your taxes, do not hesitate to ask. The following are some common issues that will affect taxes in divorce:
- Spousal support: Spousal support is considered taxable income to the party receiving support and is deductible for the person paying support.
- Child custody: The custodial parent is entitled to claim children as dependents, regardless of how much support the other party is paying.
- Marital property division: When property is transferred between spouses, there is no tax. For example, real estate can be transferred without being taxed.
- Separated parties: If you have been living apart prior to obtaining a no-fault divorce, you may list your marital status as "married filing separately."
These are just a few examples of common tax issues. Talk to my law firm for assistance with your specific situation.
My law firm can is dedicated to obtaining the best possible outcome to your divorce concerns. Call 703-763-0896 or contact me online to schedule your consultation.
