Divorce is a process that brings about solutions when it’s over, but it can also bring about several complications that can harm the former husband for years if these complications are not properly planned for and managed before a divorce case is complete. One of those potential long-term complications involves tax issues that follow a divorce. If you are considering bringing about an end to your marriage and you want to be sure to limit your potential tax liability, you need to seek the help of experienced San Diego divorce attorneys who understand these laws and nuances. Below is a brief overview of this issue.
Most married couples file their tax returns jointly in order to maximize their collective benefits and to minimize their potential exposure. However, when a divorce occurs, this ‘tax entity’ no longer exists and many liabilities can arise because of the new filing status and because of some of the ‘income’ that the federal and state government will see as a result of selling or liquidating marital assets.
Examples of potential tax problems that could arise as a result of a divorce include:
In order to minimize the chance that tax problems will arise as a result of a divorce, you need to meet with San Diego divorce attorneys who have handled these issues many times in the past. You and your attorneys will need to review your previous tax returns, your current list of assets and any other financial information that could be seen as relevant to tax issues down the road. This will provide you with an idea of what you’re facing after the divorce is final.
If you want to attempt to protect your financial interests both from your spouse and the government, contact the San Diego divorce attorneys at the Law Offices of Mens Divorce Lawyers immediately to schedule an initial consultation.
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