A divorce involves many moving parts. Fortunately, our law firm has the experience to guide you through the process. When you contact us, we explain our comprehensive approach to family law issues. In a divorce, you need to understand the long-term tax considerations, as well as the impact of the divorce upon your estate plan. We will meet your needs at every step of the way.
What Are the Material Issues in a Divorce Decree?
In general, a divorce decree must address several material issues for how children will be cared for and support, how marital property and debts will be divided, and whether one spouse will receive additional support, or alimony.
We start by taking the time to listen to your concerns and understand your situation. We will ask questions about your work and parenting schedule, your marital assets and debts, your financial resources, and your lifestyle plans after the divorce becomes final. If you had a prenuptial agreement, we will examine it for validity and legality.
Many divorcing parents elect a shared approach to parenting. To reflect this trend, Colorado courts now use the terms parental responsibilities and parenting time. However, the IRS still allows only one parent to claim the dependency credit. Since this credit may offer sizable tax savings, parents may elect to discuss this option when negotiating the division of other property and assets.
Whether your spouse is collaborative or uncooperative, a law firm that focuses on family law and has demonstrated years of experience will advocate for your legal interests in or outside of the courtroom.
Source: Journal of Accountancy, “Tax considerations when dividing property in divorce,” Ray A. Knight, April 1, 2013