Divorce Tax Consequences

35 Mason Street, 3rd Floor, Greenwich CT 06830

Greenwich Office:203-622-4455

Law Offices of Doug Wells Greenwich Connecticut Law Offices of Doug Wells Greenwich Connecticut

35 Mason Street, 3rd Floor, Greenwich CT 06830

203-622-4455

Competent and Compassionate Representation

Divorce Tax Consequences

Tax Consequences of Divorce in Illinois

Fairfield County Divorce Lawyer Serving Clients in Greenwich, Stamford, and Throughout the Area

greenwich divorce tax lawyer

The financial consequences of divorce can create serious issues both now and in the future. Taxes can be a significant factor when considering the equitable distribution of your marital estate, and the failure to adequately understand the tax implications of your divorce can result in unnecessary tax penalties. Your attorney must have an understanding of how federal and state tax laws could impact your divorce, develop a plan to minimize any potential negative tax consequences, and work cooperatively with CPAs and other tax professionals to protect you.

The Law Office of Douglas J. Wells has provided strategic, knowledgeable representation in family law. I will work closely with you over the length of your divorce to help you recognize the various tax issues specific to your divorce and create solutions.

Greenwich Divorce Lawyer Helping Clients Reach an Equitable Division of Property

When marital assets are distributed in accordance with a divorce judgment or a separation agreement, the transfer of property is generally tax-neutral, meaning that there are no tax consequences to the payor or recipient. When a pension, retirement, or another deferred compensation plan is subject to distribution, a recipient spouse potentially faces tax penalties unless the distribution is done in accordance with federal tax regulations.

Often a qualified domestic relations order (QRDO) will be necessary to prevent these penalties. At my law firm, I have helped to prepare numerous QDROs, and I can work diligently to protect your assets from unnecessary taxation.

Alimony and child support also have a number of tax implications. Alimony is taxable to the spouse who receives it and tax deductible to the payor spouse. In terms of child support, the parent who has custody of the children the majority of the time may qualify to receive the benefit of head-of-household and earned income tax credits.

With more than 35 years of experience meeting the needs of my family law clients, I have what is required to address both complex and straightforward divorces. I will help you understand these and other tax consequences of divorce, taking great care to accomplish your goals.

Contact the Law Office of Douglas J. Wells

Call locally at 203-622-4455 or contact me via email to schedule an initial consultation.

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