Are You Fighting to Protect Your Marital Property Rights in Divorce? What About the Taxes?
There is no question that divorce will have an impact on your state and federal taxes. In fact, tax obligations are among the financial factors that too many well-meaning divorce lawyers either don't understand or fail to take into account on behalf of their clients.
For many people, their divorce will be the single largest financial transaction they will encounter in their lives. Yes, even bigger than buying a house, since real estate will only be part of the final property settlement. It is natural to want to get the best deal possible in the property judgment, but getting the property and financial assets without thinking about the consequences and tax deductions can become an overwhelming burden that you may soon regret.
Separating the Emotion From the Business Aspect of Divorce
Often times, our attorneys need to remind clients to separate the emotional aspect of the divorce from the purely business aspect. As an example, one spouse or another may wish to cling to an asset such as "my house" or an entitlement such as "my big screen television" without considering the total financial picture that always emerges once all the assets and debts are divided from the marital estate.
Tax Issues and Estate Planning After Divorce
At The Massachusetts Family Law Group, we take an aggressive position when reviewing the tax consequences of your divorce. We will thoroughly investigate the best possible options and give you sound, clear advice about whether fighting to keep the house is really to your best tax advantage. Our attorneys offer intelligent, knowledgeable strategies to help make sure you really do protect your long-term interests throughout the process — even if it doesn't immediately appear to look like it on paper.
When the dust has settled on your divorce, we will also help you determine your best options for protecting your assets through legal tools such as a new will, trusts and insurance policies. We won't let you forget the details that often lead to mix-ups and confusion over beneficiaries and entitlements, particularly as parties remarry and assume responsibility for stepchildren.
Contact Us for Information About Divorce and Taxes in Massachusetts
Our Plymouth law firm serves clients on Cape Cod and the South Shore counties of Bristol, Plymouth, Barnstable, Dukes and Nantucket. Contact us at (800) 299-DIVORCE to learn how we can help you with any matter, taxes or otherwise. We offer a free, no obligation consultation with an experienced Plymouth and Cape Cod domestic relations attorney.
