A Brooklyn divorce tax attorney should be contacted if you have significant financial assets although anyone can benefit from talking to a Brooklyn divorce tax lawyer. A divorce tax lawyer in Brooklyn will be able to guide you through the various tax implications of the property that you may receive as part of spousal support and equitable distribution of property.
The basic financial aspects of a divorce judgement or settlement after trial are unfortunately the result of a zero-sum negotiation. It is important to understand that receipt of particular items such as a house that you ultimately intend to sell, may have tax repercussions. It's important to engage with a number of different financial professionals including a CPA and other financial planners to assist you with understanding how this may influence your future.
Likewise, if you intend to have retirement benefits as part of the equitable distribution of property, it is important to sit down with your financial planner to discuss how this might affect you. You may have had your own retirement savings that you have been accumulating over the course of a marriage but you may be entitled to a portion of your spouse's retirement benefits. This can adjust your own retirement planning timeline as well so you should always have a conversation directly with financial planners who can further advise you about what to anticipate in these unique situations.
There are many basic concerns associated with taxes in the conclusion of a marriage and a lawyer should be able to walk you through everything you need to know. There are numerous different tax implications including how you file your taxes. If your divorce is filed before December 31st of the last tax year, for example, you will need to file yourself a single even if you filed jointly in the past. If your divorce is not final however, you are technically still married in the eyes of the Internal Revenue Service.
If you received primary custody of your children in your divorce, you may be able to keep them as dependents on your tax filing status. This is not the only option in each case, however. If you have an agreeable reason as to why your ex should be allowed to have them as dependents even though you received primary custody, you need to discuss this in the dissolution of the marriage. You both need to file an IRS form A332 in order to allow this as you cannot allow simply transfer dependents on a whim. You may need to file a joint tax return still with your spouse and they could be omitting certain items or intentionally hiding their assets. If this is the case, you may be eligible to file for innocent spouse relief which could decrease your liability for any erroneous joint filing caused by your spouse's behavior alone. Certain legal fees associated with your divorce will not be tax deductible although you may be under the impression that this is the case.
You need to sit down with a financial professional and talk over your concerns at the outset of your case. Your lawyer will be an important person to turn to during this difficult time and you deserve to have an attorney who has been practicing in this field for a long period of time and one who can keep you informed about what to anticipate. Mistakes made in your case can have long lasting repercussions and should be avoided at all costs. Make sure you can trust your lawyer with post-modification issues as well such as termination of child support.
The right lawyer is essential for protecting your future and with so many different tax and financial considerations associated with eth end of a marriage, you cannot afford to make mistakes that could follow you for many years to come. Instead you deserve to have an attorney working for you.