Tax Considerations
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Tax Issues in Divorce
Attorney for Tax Implications Caused by Divorce
When you are going through a divorce, you probably have a lot on your mind: who will have custody of the children, how investments will be divided, and whether spousal maintenance will be ordered. The list is endless, and most of these issues will have some kind of tax implication.
If you have any concerns over the tax implications that come with your divorce decree, Reifman Law Offices is here to address them. Attorney Arkady Reifman has almost 20 years of experience practicing divorce and family law, so he has seen how the tax implications of divorce play out many times. In some cases, reaching an agreement with your spouse, even regarding certain tax issues, is best for both parties. In others, litigation may be necessary to protect your and your family’s interests. Whatever the case may be, Reifman Law Offices will work to find a resolution to your divorce that works.
Child Custody, Support, and Taxes
Child custody and support are often one of the most contentious and emotionally charged issues in a divorce case. It can also have serious tax implications. In Illinois, only one parent can claim the child tax credit. Normally, this is the parent with primary residential responsibilities for the child. During a divorce, the parents can reach an agreement regarding which parent can claim the exemption, or the court can make the decision for the parents.
This is one issue where it may make more sense for the spouses to consider the interests of the child and reach an agreement. There can be some math involved, but some divorced parents may find that one would benefit substantially more by claiming the exemption, or that the amount of child support paid would change after income is recalculated based on child support payments.
Child support payments, if ordered, can also have tax implications for both parties. Spousal maintenance, if ordered, can further complicate the issue. In Illinois, neither child support nor spousal support is deductible by the person paying it, nor is it taxable to the person receiving it. There are some other tax credits one or both parents could be eligible for, and ironing out who is entitled to what tax benefit relating to child custody in the divorce decree may save you some confusion and stress down the road. Reifman Law Offices may be able to guide you and your spouse toward an arrangement that works best for both you and your child.
Tax Issues in Property Division
When personal property, such as furniture or household appliances, is divided, there are generally no tax obligations for either party. When more complex property, such as a pension or retirement account, needs to be divided, there may be tax consequences for both spouses. That spouse will have several options as to how they choose to take their share, each with its own set of tax implications. Reifman Law Offices will discuss all possible options and help you choose the one that is right for you while limiting your tax liability.
How Divorce Changes Your Filing Status
Your filing status depends on whether you were still married as of December 31 of the year for which you are filing. You may need to decide between filing jointly and filing as married, but separately. Filing jointly may lead to a better outcome, but can be difficult if your divorce is contentious. Resolve Divorce can help you decide how to file, and we can assist you in working with your spouse if needed.
Call a Schaumburg Tax Issues in Divorce Lawyer
Reifman Law Offices is here to advocate for you in all aspects of your divorce, including the tax implications. We will seek to find a resolution that is in your favor, whether through agreement or litigation. Contact us or call 847-229-8433 to set up your free consultation to find out how we can help you. We serve clients at our locations in Arlington Heights, Palatine, Rolling Meadows, Elk Grove Village, Streamwood, Hoffman Estates, Barrington, and West Dundee.
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What Our Clients say about us
Arkady took over in the middle of my divorce. Found him by chance, but couldn't be happier. He is very reasonable in prices, follows up promptly, but most of all he was understanding for every issue I wanted to bring...
I’m very thankful to Arkady for his assistance with my divorce! He is very knowledgeable and was always prompt with responses. I would recommend him to anyone who needs family attorney help!
Arkady Reifman is an excellent divorce attorney who delivers a high-quality service. He helped me with my case with personal attention to details, responsiveness to questions, and very good communication skills in court and in writing letters. He also speaks...
Great lawyer, to the point and gets things done.
Affordable and very helpful , gets back to you asap and updates you in timely manner , Thank you so much for your help ... If you're looking for a lawyer that has you in mind REIFMAN will not disappoint,...
Great attorney, Always available and responsive and will give the best advice!
Firstly, I want to thank Mr. Arkady Reifman for the amazing and professional services he provided me with. Whenever I had a question, he explained thoroughly and carefully and adjusted to my circumstances when I didn't understand he always did...
Arkady Reifman is an excellent attorney who really goes above and beyond for his client, I'd trust him with anything, do not hesitate to call him.
In a divorce, you need advocates. Advocates that are willing to listen, empathize with your situation and quickly ascertain what rights and entitlements one has. I was fortunate enough to be paired with Arkady Reifman. From our first meeting, I...
Very professional, straightforward and empathetic. I went through one of the most difficult times in my life and was glad to have Arkady by my side throughout the process. I was very impressed by the great level of attention that...
Arkady handled my divorce case several years ago and I would, and have, recommended him to my friends and family. I hired Arkady after another attorney has botched my case. Not only was Arkady professional and knowledgeable, he took the...
Arkady handled my divorce case. He has done a great job understanding my needs and was able to prepare a divorce contract that covered the detailed scenarios for what was needed. As a result, my divorce process was less painful...
Arkady took care of my divorce case. He has done an amazing job understanding my needs and was able to prepare a divorce contract that covered the detailed scenarios of what was needed. As a result, my divorce process was...
I was seeking a simple uncontested divorce and I came to the right place. The consultation was over an hour and was free. Arkady took the time to understand my situation and guided me through the process which others I...
I contacted Arkady for an uncontested divorce. I received a detailed extensive free consultation and was able to figure out the remainder of the details I needed to work out with my spouse in order to finalize the process. With...
I hired Arkady to help get some rights back that I should not have lost during my divorce. Ex-wife (who has full custody of our child) told daycare that my current wife could not pick up my daughter at daycare....
I am thrilled with my results. Arkady was exceptionally professional. He was able to find a resolution for my complex situation where I thought there was no solution. He is a strong professional with a thorough knowledge of the law...
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Professional, compassionate and knowledgeable. I worked with Arkady on my uncontested divorce. We originally thought one set of documents was going to do it for us. However, my ex hired an attorney and I needed to protect my interests. After...
I had four divorce attorneys and one real advocate. My divorce lasted for several years and I went through multiple divorce attorneys in the process. Finding that most just want to drag their feet and get paid. Arkady proved otherwise,...
I interviewed multiple firms before I decided on Arkady Reifman. After interviewing Arkady I had a very comfortable feeling and I knew that I was going with the right professional for my situation. Arkady understood the challenges and concerns I...
Arkady is a great attorney. He listens very well, commits great focus to your case and works for the best possible outcome. It is very refreshing to meet such a hardworking and compassionate advocate. I am impressed at how knowledgeable...
Arkady Reifman was recommended to me by a relative and I'm happy I decided to go with him to represent me in my divorce case. His fees are reasonable, communication was clear and to the point, and he explained the...
We contacted Arkady to help get a divorce settlement for my guy. It had been almost a year and his original divorce attorney did nothing to help. We gave him our retainer and he worked diligently to help us. Only...
Arkady Reifman is a seasoned and professional attorney. I appreciate his help in providing counsel which was effective in the completion of my case.
Mr. Reifman has handled with great discretion and high competence several matters of importance for our family and we highly recommend him.
Arkady Reifman represented me in my divorce case. He was always very supportive through a painful time in my life. I feel secure and confident every time after conversation with him. He also was always very prompt to respond to...
Thank you Mr. Arkady Reifman for representing me in my divorce case. With your guidance and experience of the law. I would recommend you to family or friends or anybody who ask for a family lawyer.
Great attorney, professional, exceeded my expectations, very thankful!!!
Attorney Arkady Reifman was professional on working on my case. Answer all my questions with everything I had. Highly recommend this Attorney
If you are in need of any legal service, talk to this firm first. Our family has used Mr. Reifman's service to resolve a complex child support matter that involved a defendant that tried every legal maneuver to delay his...
Arkady is an excellent attorney. He took my complex divorce case and handled it with compassion and pure professionalism. The result was far better than I had expected. Arkady handled my case effectively and made the process as painless as...
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