Know The Tax Consequences Of Your Divorce

Taxes affect nearly every financial transaction. This applies to property division and related matters in divorce.

If you are contemplating divorce, it is important to have an attorney who understands the tax consequences of divorce and who can take measures to minimize the effects of taxation on the value of your assets.

At Koiles Pratt Family Law Group, we always take taxation into consideration when negotiating a property division settlement. We have a firm grasp of the tax issues involved in property transfers and financial transactions as well as in the valuation of marital property. Our firm will work diligently to help you obtain the best possible property division settlement.

For more information and a consultation about a divorce case, contact Koiles Pratt Family Law Group,

A Comprehensive View Of Taxation And Divorce

Our firm will carefully examine all financial aspects of your property settlement. Our goal will be to obtain the best possible tax-adjusted divorce settlement for you. Some of the many tax consequences to consider include:

  • Potential capital gains taxes If you or your spouse has to sell an asset in satisfaction of a property settlement, that transaction may be subject to capital gains taxes, either long term or short term.
  • Real estate transfers Retitling a home or other property in the name of the other spouse may be possible as part of a settlement. However, there could be accrued property taxes or liens to be accounted for. If property is sold, there may be related taxes.
  • Business tax credits and liabilities If a business or professional practice will be part of a property settlement, that asset may have significant tax credits or liabilities that must be taken into consideration.
  • Alimony Spousal support is tax deductible for the payer, and taxable to the receiver.

There are many more potential tax consequences. When necessary, our firm can work with accountants, tax specialists or other financial professionals who can provide insights and advice regarding these matters.

There is no good reason to give the government more than is legally required. Koiles Pratt Family Law Group, will work hard to protect your interests at all times during the divorce process.

Contact A Lawyer

Contact Koiles Pratt Family Law Group, in Salem, Massachusetts, for a consultation about a divorce or property division matter.