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Cook County Tax Strategies Lawyer

Lincoln Park Tax Strategies in Divorce Lawyer

Attorney for Managing Your Tax Obligations in Your Illinois Divorce

A divorce will undoubtedly have profound effects on you and your family. Some of these effects will be psychological and emotional, and others will be logistical and practical. Of course, there are likely to be serious financial implications related to your divorce as well, particularly if you will be subject to ongoing orders for spousal maintenance or child support.

As you prepare for the divorce process, The Law Offices of Curtis Bennett Ross, LLC is equipped to provide the guidance and assistance you need. Our team realizes that tax considerations are often among the most complex financial concerns associated with a divorce, and we have the knowledge and resources to help you. With his vast experience as a skilled family lawyer, a Certified Public Accountant, and a court-appointed financial expert, Attorney Curtis Bennett Ross is equipped to ensure that you are fully compliant with your tax obligations and that you have what you need to begin the next chapter of your life.

Personal Tax Returns During and After Divorce

Most American adults are required to file a personal tax return each year, and many married couples elect to file a joint return. A divorce, however, can change how you are required to file your return, as well as your personal income tax responsibilities. Depending on when you filed your petition for divorce and how complicated your case is, you might be required to file one or more annual returns while your divorce is pending. If you are in the middle of an ongoing divorce case and it is getting close to tax time, our attorneys can help you determine the best option for filing your return. Depending on the situation, your best choice might be to file a joint return with your spouse. The advantages of filing a joint return might even be significant enough to encourage you and your spouse to set aside your differences and work together. You might need to make a similar decision for your first tax filing after your divorce finalizes.

Your arrangements for your parenting responsibilities (child custody) will probably have an effect on your tax obligations as well. In most cases, the parent with a larger share of the parenting time will claim the child or children on their personal tax return after the divorce. There are exceptions, however, and our attorneys can help you and your spouse develop an arrangement that offers you both increased tax benefits related to your children.

Maintenance, Marital Assets, and Taxes

Depending on the size, nature, and value of your marital estate, dividing marital property during a divorce will have tax implications. For example, if your marital settlement agreement allows you to remain in the marital home, you will probably be responsible for property taxes going forward. You will also be eligible for deductions on your income tax return based on the amount of interest you are paying on your mortgage. Splitting your deferred compensation accounts, such as pensions and 401(k) plans, could affect your obligations down the road as well.

There are also taxes to consider when it comes to spousal maintenance. Recent amendments to the United States Tax Code eliminated maintenance-related tax deductions for the paying spouse, and maintenance payments are also no longer considered taxable income for the spouse who receives them. This means that the paying spouse is likely to be responsible for a larger tax bill than he or she might have been under the previous law. Mr. Ross and his team understand that tax issues such as these can lead to serious disagreements and drawn-out battles between divorcing spouses, and we are equipped to help you find a resolution.

Call 312-984-1514 for Help

If you would like to learn more about managing your tax obligations during and after your divorce, contact our office. Call us at 312-984-1514 for a no-cost introductory consultation at The Law Offices of Curtis Bennett Ross, LLC today. We serve clients throughout Cook County, Illinois, including but not limited to the neighborhoods of Gold Cost, The Loop, Wicker Park, Lincoln Park, River North, West Loop, Old Town, Andersonville, Wrightwood, DePaul Area, Bucktown, and downtown Chicago.

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