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Tax Planning in Divorce

Ohio Divorce and Complex Tax Issues Lawyer

Ohio Divorce and Complex Tax Issues Lawyer

The tax matters and the implications of taxation on support and the distribution of assets and liabilities that arise in a divorce or dissolution of marriage are often the last thing on our clients’ minds. This is understandable. An experienced divorce attorney at the Law Offices of William L. Geary assists with tax planning and works with tax and accounting professionals to provide the proactive guidance you may need in order to minimize or avoid serious tax consequences during the dissolution of a marriage.

Tax issues may apply to almost any financial aspect of a divorce, including property settlements, alimony or spousal support agreements, child support, sales of assets, the offset associated with ownership of a business interest or professional practice, liquidation of retirement assets, and transfer or sale of real estate.

We regularly work with a dedicated team of financial, accounting and tax experts who can work in conjunction with your current CPA or financial adviser to develop a sound strategy for minimizing the potentially significant tax penalties which may accrue during a divorce.

Our experts can provide you with specific advice in handling tax matters related to a comprehensive range of separate and marital property and assets, including:

  • 401(k)s, pensions, IRAs and other retirement funds
  • Stocks, bonds and investment portfolios
  • Inheritances, trusts and gifts

We also offer specific solutions related to child support, mortgages, property settlement, debt allocation and spousal support payment options which can help to minimize the impact of a divorce on your tax burden.  Resolving all issues contained within the separation agreement can be quite complex, especially in cases involving substantial assets.  A well conceived strategy should minimize the impact of taxation on both parties, while preserving the strongest “after tax” position for each after the divorce is completed.

Choosing an attorney with more than 35 years of experience at the Law Offices of William L. Geary will mean that you have access not only to sound legal advice and experienced representation, but that you will also have access to experts who can help analyze your financial and tax situation in detail and prepare explanatory reports to guide you through the process of marital dissolution.

Contact our Columbus, Ohio, offices today or call (614) 228-1968 to schedule a detailed consultation with an experienced lawyer who fully understands the need for tax planning in a Columbus divorce or dissolution, and the tax implications inherent in any settlement that brings a marriage to conclusion in Ohio.