DuPage County Divorce and Tax Implication Lawyers

Divorce Lawyers Helping Clients in Naperville, Carol Stream, Aurora, and Across the Area

When you are going through a divorce, dividing assets and property may seem daunting. However, at Calabrese Associates, P.C., our experienced attorneys help you prepare and understand your finances and the tax implications of your divorce. Our team will work with you to negotiate a reasonable agreement, as well as to develop a plan for meeting your tax obligations, both now and in the future.

Dedicated Divorce Attorneys Serving Warrenville and Winfield

With more than 40 years of combined family law experience, our lawyers recognize your need for responsible, cost-effective solutions to your most sensitive legal matters. With our team-oriented approach, we listen carefully to your needs, assist you in understanding your options, and help you make informed decisions on how to proceed. We regularly handle matters of property and debt division, allocation of parental responsibilities (formerly child custody), spousal support, and other concerns that have a direct impact on your future tax obligations.

Income Tax Considerations

During your divorce, you may need to decide whether to file one last tax return jointly with your spouse or as separate individuals. Depending on your specific circumstances, one or the other may offer significant financial advantages. With our help, you will be able to negotiate an agreement that benefits you, while addressing potential problems before they arise.

The arrangements regarding your children will also impact your tax liabilities. Under federal law, the parent who is granted a majority of the parenting time will claim child-related exemptions and credits. However, the court can allocate these exemptions and credits. We help you maximize tax benefits and deductions based on your unique circumstances.

Spousal Maintenance, Child Support, and Unallocated Support

There are a number of other potential factors that could affect your tax liabilities in the wake of your divorce. Spousal maintenance, for example, is usually tax-deductible for the paying party and considered taxable income for the receiving spouse. Child support, conversely, is neither taxable nor tax-deductible. Unallocated support, spousal maintenance, and child support combined, can provide tax benefits for both parties in certain situations. Whether you are paying support or receiving it, our lawyers will help you realize any and all available tax advantages.

The marital property and debt allocated to you are likely to have tax implications as well. For example, you may need to refinance your marital home or claim capital gains as a result of assets received your divorce. There are countless situations like these that could drastically increase, decrease, or otherwise complicate your tax responsibilities. We will help you minimize tax consequences.

Call 630-393-3111 for Our Naperville Divorce Lawyers

Financial concerns related to divorce can be incredibly complex, so it is important to consult with a qualified attorney. Contact the Warrenville office of Calabrese Associates, P.C., to learn more about how we can assist you. We offer a low-priced initial consultation of up to 90 minutes. Our firm is proud to serve clients in Naperville, Aurora, Winfield, Carol Stream, Wheaton, Downers Grove, Glen Ellyn, as well as DuPage, Kane, Kendall, and Will Counties. Se habla español.