What Are the Tax Implications of my Family Law Matter?
Financial issues within family law matters can be very complex. It is important to consider the tax consequences involved in the financial decisions that are being made when parties reach an agreement or in the presentation to the court in a contested trial. Experienced family law attorneys know when to consult with experts to determine the best tax consequence for their client. For example maintenance has very specific tax consequences. In addition, there are some financial benefits that can be brought forth as a result of a divorce action. For example sometimes parties are not able to gain access to retirement accounts without having to pay serious penalties. In certain situations parties can gain access to these accounts as a result of a divorce and avoid those tax penalties. It is important to make sure that the family law attorney you choose understands the tax consequences and all of the financial implications that are available when seeking a divorce or legal separation.