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Wakenight & Associates, P.C.

707 N. York Street, Suite 201, Elmhurst, IL 60126

DuPage County | 630-852-9700

Mokena | 815-727-6144   Oak Park | 708-848-3159

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Elmhurst Tax Implications in Divorce Attorneys

Western Springs Tax Implications of Divorce Attorneys

Lawyers in Oak Brook Helping Divorcing Clients Understand Potential Tax Issues

Benjamin Franklin has long been credited with popularizing the idea that "Nothing is certain except death and taxes," but he certainly was not the first to make such an observation. Taxes play an important role in any functioning society, and while you may not always agree with the fairness of such obligations, failing to fulfill your tax responsibilities could have serious consequences.

At Wakenight & Associates, P.C., we understand that the divorce process often includes a number of tax implications. With more than 95 years of combined family law experience, our attorneys are equipped to help you manage the avalanche of considerations associated with divorce, including your potential tax liabilities. We will work with you in developing a favorable settlement that addresses the necessary tax concerns while fully protecting your best interests.

DuPage County Counsel for Divorce and Income Tax Concerns

Depending on when your divorce was filed and how involved your case is, you and your spouse might need to file your annual tax return before your divorce is finalized. If tax season comes around during your divorce, our attorneys can help you decide on your best option for filing the return. In some cases, filing a joint return with your spouse is the better choice, while filing separately might be best in others. You may need to make the same decision during the first tax season after your divorce finalizes as well.

At Wakenight & Associates, P.C., we realize that your parenting responsibilities will have an impact on your tax obligations as well. In many situations, the parent with the larger share of parenting time claims the child or children on their tax return, but this is not always the case. With the help of our attorneys, you and your spouse might be able to work out a creative agreement that allows each of you to receive tax benefits associated with claiming a child.

Taxes Related to Property Division and Spousal Support

In addition to income tax returns, there are other ways in which your tax obligations might be affected by your divorce. The division of marital property could increase or decrease your tax liabilities depending on the type of assets and debts that you receive. If you are awarded possession of the marital home, for example, or you need to refinance loans related to your family business, your tax obligations will almost certainly change.

Spousal support is another issue in which taxes can play a major role. Due to recent changes to federal tax laws, maintenance payments are neither tax-deductible for the paying spouse nor taxable income for the recipient spouse (for divorce actions filed after January 1, 2019). This marks a significant departure from the previous law and is likely to result in more contested proceedings regarding spousal support.

Lastly, complex divorces involving investment accounts, retirement accounts, partnerships, businesses, and income properties require the finesse of an experienced divorce attorney to comprehend the impact of capital gains, timing and taxes. 

Contact Our Office Today

At Wakenight & Associates, P.C., we know that tax laws can be extremely difficult for the average person to understand. It is, however, still your responsibility to pay your taxes properly. Our attorneys will conduct a full review of your finances and your tax liabilities. With our background and knowledge of the law, we will help you anticipate and prepare for the changes that lie ahead.

To get started or to get answers to any questions that you may have about divorce-related tax implications, contact our office. Call 630-852-9700 for a free consultation today. Our firm serves clients in Elmhurst, Oak Brook, Villa Park, Addison, Lombard, Hinsdale, Wood Dale, Burr Ridge, Kane County, DuPage County, and the surrounding areas.

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