Considering The Tax Implications Of Divorce
The end of a marriage is the beginning of many different tax ramifications. For instance, spousal support payments are tax deductible for the payer prior to Dec. 31, 2018, while the spousal support recipient would owe taxes. Transfers between spouses to effect an equal division of community property are typically tax free under IRC 1041.
At the Bay Area law firm of Flicker, Kerin, Kruger & Bissada LLP, we are not tax lawyers. However, we are available to work as a collaborative part of our clients’ teams, partnering with their tax professionals, or offering professional referrals from our wealth of resources for our clients to work with. We also have access to forensic experts and investigators, should issues arise related to hidden assets or breach of fiduciary duty.
Tax issues come into play at every stage of the divorce process, and it is critical to understand the tax ramifications when:
- Deciding at what point during the calendar year one should file for divorce
- Dividing marital assets
- Paying or receiving spousal support
- Revising the estate plan after divorce
We help each client build a highly knowledgeable team that can address these issues and thoroughly protect his or her financial interests.
Experience With Complex Finance And Accounting Issues
Flicker, Kerin, Kruger & Bissada LLP stays on the cutting edge of technological developments that affect high net worth divorces and other family law cases. One example is the rise in popularity of cryptocurrencies (bitcoin, Ethereum, Litecoin, etc.)
Our firm includes attorneys with experience in cryptocurrencies and other sophisticated matters, including venture funding, business valuations, accounting methods and much more.
To learn more about the financial implications of divorce in California, contact our offices in Menlo Park and San Ramon.