Cherry Hill Divorce Taxation Attorney
While going through divorce can cause unbearable emotional trauma, it is important to keep a clear head as tax season approaches. At Forkin, McShane, Manos & Rotz, P.A., our dedicated divorce taxation lawyers in Cherry Hill can review your case, recommend the right path and help you with any divorce taxation issues that might arise.
Forkin, McShane, Manos & Rotz, P.A. takes great pride in helping families and spouses move on with their lives. Combined, we have over 95 years of experience providing knowledgeable and personalized legal guidance to residents throughout South Jersey. If you need the assistance of a skilled team of family law and divorce lawyers, contact us today.
Child custody and taxes
If you are the custodial parent, you may claim your child as an exemption. However, the IRS also allows custodial parents to trade their exemption to the non-custodial parent. Additionally, the value of the exemptions depends on your income. As a result, you should speak with an experienced Cherry Hill divorce taxation lawyer as soon as possible.
You should also be aware of the following issues regarding taxes and child support:
- Child support payments are not tax deductible for the parent paying the support.
- Child support payments are not taxable income for the parent receiving the support.
Alimony and taxes
Alimony or spousal support payments are tax deductible for the spouse who is making the payments. The payments are also taxable for the spouse receiving the payments. It is important to realize that the IRS has stringent regulations on what constitutes alimony for tax purposes. If the IRS detects a large payment to whichever spouse is receiving alimony immediately after your divorce, they may consider the payment to be property settlement funds, which are not tax deductible. You should seek the assistance of knowledgeable Cherry Hill divorce attorneys before agreeing to alimony payments.
Separation and taxes
A joint tax return is typically advantageous for both spouses. Couples who wish to divorce, but keep this financial benefit, may want to consider a separation instead.
Contact the highly qualified team at Forkin, McShane, Manos & Rotz, P.A.
Each attorney at Forkin, McShane, Manos & Rotz, P.A. has the knowledge and experience to assist you with every aspect of your divorce case. To speak to one of our highly respected lawyers, contact us online or by phone at 856.779.8500.