TAX & DIVORCE CONSULTING
Reducing taxation, preserving wealth, negotiating liabilities, and helping families with tax matters.
“Whether you’re going through a divorce or hoping to appeal a tax penalty, there are powerful legal instruments at your disposal that can substantially impact the tax ramifications. I feel passionate about putting those to work to save people money and help them preserve the wealth they’ve worked hard to accumulate, and prevent a financial issue from becoming a legal issue.”
Andrew Ford
Divorce tax attorney, trust & estate attorney
What a San Mateo tax considerations divorce attorney brings to the table.
Divorce can have significant and long term financial consequences. For our high net worth clients, having a skilled, experienced divorce tax attorney in-house saves them time and money, and offers them access to a higher level of strategy, service, and expertise – something very few family law firms in the Bay Area offer. When that divorce tax attorney is also a trust & estate attorney, it offers a safe and seamless update of their living trust post-divorce. It’s all part of the comprehensive approach we bring to divorce and family law here at Laughlin Legal.
Mistakes people make regarding their taxes during divorce.
Getting a divorce and filing taxes are inevitably paired. Let’s say you’re in the process of getting divorced. You’re trying to pull your kids through in one piece and keep your business healthy and humming, while negotiating with your ex as the distrust is mounting between you. It’s overwhelming. This is the point at which many divorcing couples either fail to file their tax return or pay their tax bill. Or perhaps their divorce lawyer fails to enlist a divorce tax attorney to scrutinize their documents and help strategize their agreement.
At Laughlin Legal, no divorce settlement agreement is ever considered without the approval of our divorce tax attorney. As knowledgeable as our divorce attorneys are about the tax ramifications of divorce, an expert opinion from a dedicated San Mateo divorce tax attorney, someone who is current with tax law and fluent in the nuances and opportunities of tax and divorce is essential. The rigor your divorce tax attorney will bring to your settlement agreement will have a profound and long-term financial benefit. Don’t get divorced without it.
The advantage of having a divorce tax attorney in-house at your family law firm? Faster response, deeper advice, better outcomes.
Now imagine your divorce lawyer’s firm has a talented tax attorney on staff, someone who has saved clients millions in taxes. And they can join your team at a moment’s notice. No need to find someone, vet them, and safely share private documents. It’s a tremendous advantage that surprisingly few divorce and family law firms offer.
So if you are…
- Divorcing a spouse and hoping you can postpone tax filing until after divorce
- Divorcing a spouse who filed a joint return without your knowledge
- Divorcing a spouse who filed a false or inaccurate joint return without your knowledge
- Wondering if you should file jointly
- Concerned that the child support and/or spousal support you agreed to will count as income
- Unsure as to which is best for you: filing taxes during divorce or filing taxes after divorce
- Unsure as to what the IRS will find taxable in your divorce settlement
- Unclear as to whether the child support and/or spousal support you agreed to will count as a deduction
- Unsure about who claims the children as dependents when custody is 50/50
- Unclear as to when to transfer the title of the family home your spouse agreed to give you
- Unclear about when your taxes after divorce will be due, especially divorce settlement taxes
- Wondering if your divorce attorney’s fees are tax deductible
…give us a call.
DIVORCE & TAXES CHECKLIST & CONSIDERATIONS
Divorce or separation can affect your taxes. This quick checklist published by the IRS can help you understand what changes you and your spouse may need to make to avoid an unexpected balance due when you file.
Note that this checklist of divorce tax issues may not contain all requirements or specific situations that apply to you personally.
Your filing status
Changing your filing status can make a difference in your taxes. If you’re legally separated or divorced at the end of the tax year, you can file as single unless you’re eligible to file as head of household or you remarry by December 31.
Who claims dependents
Divorce can affect your ability to claim dependents, which can impact how much tax you owe. To find out if you’re eligible, you will need to know your filing status first.
Using a retirement account to cover divorce expenses
Early withdrawals from retirement accounts, such as a 401(k), can trigger additional taxes.
Itemizing deductions
Divorce can affect deductions normally taken on Schedule A, including medical expenses, mortgage interest, real estate taxes, general sales tax, and gifts to charity. Special rules apply if you choose to file Married Separate and your spouse itemizes.
Changes to your income
Income earned from a second job, gig-economy “side hustles” or starting your own business are all examples of taxable income that can affect your taxes. If you have a decrease in income, you may be able to adjust your withholding and increase your take home pay.
Adjusting your federal income tax withholding or make estimated tax payments
If any items on this list apply to you, you might need to adjust your withholdings, make estimated tax payments or both.
Next Step
Book a consultation with an attorney with tax expertise.
Let San Mateo divorce tax attorney Andrew Ford address the difficult spot you’re in, mitigate the damage, and keep you out of tax trouble in the future.
Make an appointment with Andrew?
If you’re looking for an accomplished divorce lawyer, complex divorce lawyer, child custody lawyer, child support lawyer, spousal support lawyer, tax lawyer, domestic violence lawyer or adoption lawyer in San Mateo, Silicon Valley, or the San Francisco Bay Area, let’s talk. We can help. Call us at 650.343.3486 or email us here.
A Free Quarterly Seminar on Navigating Divorce
Whether you’re considering divorce or already in the process, you may have some basic questions…
Q How does Divorce generally work in CA?
Q What’s the difference between a Divorce and Legal Separation?
Q What does the “best interest” standard mean in custody cases?
Q Is it possible to successfully divorce a narcissist?
…and while we can’t offer legal advice or address specific individual situations, we’ve got some answers.
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