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DuPage County Tax Implications in Divorce Attorneys

Aurora Tax Implications of Divorce Attorneys

Lawyers in Naperville for Divorce-Related Tax Considerations

If you are facing the possibility of divorce, you are probably aware that the process can take an emotional toll on your whole family. Along the way, you, your spouse, and your children are likely to encounter many challenges. The financial impact of a divorce, however, can also be quite serious, especially for those who are not prepared.

At the DuPage County law firm of Goostree Law Group, our skilled divorce lawyers have the knowledge and experience to assist you with the divorce process, including all related tax implications. Our attorneys can help you develop a favorable divorce settlement that includes considerations for addressing your tax liabilities.

Wheaton Counsel for Family Law Matters

Goostree Law Group has been helping individuals and families in northern Illinois since 2000. Our lawyers have more than 80 years of combined legal experience, and we understand the importance of providing responsible advice and cost-efficient solutions. When you are going through a divorce, we will listen carefully to you so that we can directly address your concerns and your unique needs. We will work with you in exploring your available options and guide you in making the best possible decisions about the parts of your divorce with tax implications, including asset and debt division, parental responsibilities (child custody), and retirement investments.

Divorce and Income Tax Filing in Illinois

Depending on the timing of your divorce, you might be required to file annual income taxes at least once while the process is pending. If you do need to file, you might have to decide whether to file a joint return with your spouse or separate returns.

Our lawyers can help you determine which is the best option for your financial situation, as each may offer different tax savings and advantages. Filing a joint return, however, may be difficult, depending on your relationship with your spouse. We will help you create an arrangement that provides benefits for both you and your spouse.

Your parenting plan will also have an effect on your tax liabilities. In most cases, the parent with the majority of the parenting time will claim the child or children for tax purposes. Sometimes, however, it may be possible to develop a more creative agreement that allows each parent to take advantage of child-related tax benefits.

Property and Support Concerns in Warrenville

There are several other considerations that might affect your tax obligations after your divorce as well. The share of the marital property that you receive—including assets and debts—could have implications on your tax bill. For example, if you need to refinance the mortgage on your home or you gain a greater share of a family business as the result of your divorce, your tax liabilities are likely to change.

Due to a recent change in the federal tax law, spousal support is no longer a tax-deductible expense for the paying party or taxable income for the receiving party—assuming the divorce is finalized after January 1, 2019. Child support is not taxable nor is it tax-deductible. The skilled attorneys at Goostree Law Group can help you understand the new 2019 tax law and will work with you in protecting your rights and minimizing your taxable obligations. 

Call 630-364-4046 for a Free Consultation

If you have questions about the tax implications of your divorce, contact our office to get the answers you need. Call 630-364-4046 for a free, no-obligation consultation today. Our firm serves clients in Naperville, Wheaton, Lisle, Aurora, Downers Grove, Woodridge, Warrenville, and throughout DuPage County.

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