Understanding the Tax Consequences of Divorce in Barrington, Illinois
At the law firm of Joseph M. Lucas & Associates, our clients depend on us to anticipate the tax consequences of divorce and avoid any unexpected problems. Our attorneys know how to take your family's tax attributes into full account when advising you about property and debt division, spousal maintenance, child support and estate planning after your divorce is final.
Call 866-936-5310 to learn about taxable events and divorce in Chicago's north suburbs
Contact an experienced attorney at our office in Barrington for a consultation about the ways you can benefit from our thorough understanding of the tax consequences of divorce. Our lawyers can help you avoid mistakes and protect the value of the marital estate by taking tax benefits and liabilities into full account when negotiating your divorce settlement agreement.
Joseph Lucas holds a degree in accounting and grew up the son of a CPA. His ability to integrate sophisticated tax planning with the legal and practical decisions that you'll need to make in your case can help advance your interest in financial security after the divorce is final.
We can advise you about the tax implications of such divorce issues as:
- Spousal maintenance or alimony
- Child support
- Liquidation of assets connected to marital property division
- Apportionment of debt between the spouses
- Joint or separate tax filing status in the year of the divorce
- Capital gains upon sale of long-term investments
- Distribution of exemptions and deductions
- Resolution of joint tax liabilities or delinquencies incurred during the marriage
Giving proper regard to your family's tax attributes in divorce can effectively increase the value of the marital estate while improving your bargaining leverage. To learn more about our experience with tax issues in divorce, contact Joseph M. Lucas & Associates in Barrington for an initial consultation.