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Addressing the topic of taxes during a divorce

On Behalf of | May 22, 2022 | Divorce |

Dissolving a marriage can be a complex process at times and those facing a similar change in life may encounter various factors to address when seeking to protect their futures. When facing a divorce, individuals in Georgia might find it helpful not to overlook the topic of taxes. Taking the time to better understand the taxes could prove beneficial in various ways and the information gathered in similar endeavors may influence the decisions one makes while preparing for legal proceedings. 

While the specific tax issues involved may vary with each situation, some topics that it might be helpful to address in many scenarios could include: 

  • Taxes and asset value:  While identifying and valuing marital assets, taking steps to understand how taxes might influence asset values could prove vital to making informed decisions about one’s options. 
  • Dividing assets:  It may also be helpful to know the possible tax fees involved when dividing assets and to seek insight on the options to help mitigate such concerns. 
  • Tax filing status:  Those facing a similar change in life may find that their tax filing status will change and knowing when this takes effect and how it might impact one’s situation could prove imperative. 
  • Tax deductions:  If children are involved, one may also find it vital to address the topic of who will get to claim the kids as dependents during upcoming tax seasons. 

Knowing when it might be necessary to obtain documents such as a Qualified Domestic Relations Order could also be integral to staving off devastating tax repercussions when dividing assets in accordance with the divorce decree. 

Tax concerns are just one of many potentially complex topics to address when preparing to safeguard one’s future during a divorce. Individuals in Georgia who wish to seek insight in covering every vital factor involved could benefit from retaining the services of a family law attorney in the initial stages of the process. An attorney can evaluate a client’s questions and concerns and assist in developing a strategy for divorce proceedings that best aligns with his or her wishes for the future. 

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