Divorce and Taxation
If you are entering the divorce process, it is essential to have an informed and knowledgeable lawyer who understands the effects of taxation on a proposed settlement. A careful understanding of tax implications can cost or save you tens of thousands of dollars or more in taxes, depending on the specific terms of the settlement you receive.
At Randal A. Lowry & Associates, we have extensive experience in the tax implications of asset transfers and decisions regarding spousal support. We look at the overall picture to place our clients in the strongest financial position after their divorces.
Contact us for a consultation about your case. We will work to protect your rights and your assets.
Why Look at Taxes?
Taxes can greatly affect the value of a divorce settlement. Let's look at three typical situations:
Example 1 — If a piece of real estate is transferred as the result of a divorce settlement; it is transferred on a tax free basis. Yet that parcel of real estate could be heavily burdened by existing property tax obligations. The new owner of that real estate takes on that entire tax burden, unless other provisions are made in the settlement.
Example 2 — A highly appreciated asset must be sold in order to fulfill the terms of a property settlement. The net increase in value will be taxed at the long-term capital gains rate — reducing the total value of the settlement to both parties.
Example 3 — Spousal support is taxable to the receiver and tax deductible for the payer.
Experienced Property Settlement Attorneys
Randal A. Lowry & Associates has a great deal of experience in marital property matters, particularly those involving complex property division.
We always look at the tax aspects of any proposed divorce settlement. We are experienced in developing settlements which minimize the effects of taxation and maximize the overall value of the settlement for our client. Attorney Randal A. Lowry has a strong set of financial skills — beginning as an honors graduate in finance at the University of Miami — and honed through thousands of property settlements.
Randal A. Lowry & Associates will work diligently to protect your assets and place you in the best position possible after your divorce.
Contact an Attorney
For a consultation with Randal A. Lowry & Associates, call 877-264-7931 toll free or contact us online.
Located in Cuyahoga Falls, we represent clients in the Akron area and Northeast Ohio.
