Divorce is a challenging and emotionally charged period of someone’s life. The situation becomes even worse when a financial breakthrough comes into play. Divorce does not only rupture marriage but also involves the division of assets, liabilities, and financial responsibilities.
In Houston, the divorce landscape is intricate. The individuals facing divorce find themselves entangled in a web of tax-related issues. There are liquid and nonliquid assets in the marital estate. Liquid estate includes cash, savings, accounts, etc. Non Liquid assets include real estate, retirement accounts, business inventory, and others. Alimony is another area where tax implications come into play. It is a one-time payment that is payable when the couple gets divorced. Coupling with joint or separate tax triggers the same problem.
Selecting the right divorce tax attorney secures your financial future. When you need guidance to help with your divorce tax, contact Mitchell Tax Law. The attorney of the firm counsels your issues and ensures you get positive results. The divorce tax attorney in Houston divides assets equally and fairly. Your marital status determines your tax filing status at the end of the year. If in case your divorce is not final or before Dec’31, you can file as single, unmarried, or individual.
Our divorce tax attorney in Houston will assist you with
- Primary income
- Gift tax effect of divorce
- Effect of divorce on income tax filing status.
- Ensuring compliance with tax law.
There is a lot more in the list related to the transfer of joint property after divorce. We have an in-depth understanding of tax matters arising in the tax return. If you are no longer in a relationship can apply for separate election liability. Our divorce tax attorneys are experts in the fields of family law, child custody, spousal support and assets, and much more. If you got assets from your spouse without any payment, it may be in the eyes of the IRS. The divorce tax attorney divides assets equally and fairly. The spouse seeks relief from penalties resulting from underpayment of tax.
For those who are considering a divorce or facing divorce, we offer the right guidance on structuring tax payments. Our experts thoroughly analyze your case before reaching the final results. We efficiently work with you keeping the interest in mind. Call us now and get the best advice from the experts of our firm.
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