Financial and Tax Implications of Divorce

NEW YORK DIVORCE LAWYER

In a divorce, lawyers must consider all implications of property division for their clients. This includes anticipating any potential tax problems and resolving them before they occur. At The Law Offices of Andrew J. Spinnell, in New York City, this is the way we approach our cases. We offer thorough and complete representation in divorces throughout the New York City metropolitan area.

At The Law Offices of Andrew J. Spinnell, we help our clients negotiate terms that make sense for them. We are able to do this because of our years of experience and in-depth knowledge of New York City tax and divorce laws. We often encourage our clients to partner with an accountant to obtain an accurate assessment of their financial circumstances.

Using detailed financial knowledge, we negotiate all of the details of a divorce, including:

  • How a family’s closely -held business will be divided
  • If a marital residence or vacation home will be sold
  • Who will be responsible for the capital gains tax

A NEW YORK CITY DIVORCE ATTORNEY COULD HELP!

Payments classified as child support are not taxable by the receiving spouse and not tax deductible by the paying spouse. However, alimony (or spousal maintenance) is taxable to the receiving spouse and tax deductible for the paying spouse. A divorce lawyer can help you maximize your tax benefits and avoid tax problems.

In a divorce, there are no hard and fast rules about how to split tax liabilities. Your lawyer will help you develop a plan that works to your best advantage. At our Manhattan law firm, we encourage our clients to leave fault and emotion outside of the courtroom so that they can focus on creating solutions. We often remind clients that we are their lawyers, not their psychologists, analysts, priests or rabbis. Our job is to weigh the legal issues in a divorce and to guide our clients through the process, protecting their interests now and far into the future. A large part of this is keeping clients focused in the courtroom so they spend their time constructively. If you would like to find out how we could help you, please do not hesitate to contact a New York City divorce lawyer at our firm.