Before, during and after the divorce, there are some things about taxes to consider when
making decisions. For example, consider the write off for dependents. You normally give the deduction to the custodial parent. However, if the non custodial parent is in a higher tax bracket, there are advantages to allowing the non custodial parent to take the deduction. This should be negotiated as part of the divorce settlement.
Also, consider how the taxes have been prepared in the past in determining the value of an asset. If the write offs have already been taken, the asset may not be as valuable as they appear. By the way, there are not normally tax consequences in distributing assets between marital parties in a divorce settlement.
Particularly if there are significant income and assets involved among the parties in the divorce, it is important to have a consultation with a competent attorney before negotiating a divorce settlement. Steven Hair has had many years experience in these types of determinations.
Steven W. Hair, focuses his practice as a divorce attorney, family law attorney in Clearwater, Palm Harbor, and Safety Harbor.
For more information, visit our website at www.FamilyLawClearwater.com
or call (727) 726-0797.