When a marriage is dissolved, there are many financial implications that must be considered. If you are facing a divorce, one area you need to think through very carefully is the tax consequences. An asset division agreement that does not take into account the tax implications of the divorce could expose you to some very unpleasant surprises down the road. For this reason, it is important to work with an attorney who has extensive experience with these issues.
At the Law Office of Vogel & Mourelatos, LLC, we have in-depth knowledge of the tax implications of divorce and other complex divorce issues. Our lawyers have over three decades of combined experience in this area of the law, and we have helped thousands of clients resolve important tax issues, so they can come out of their divorce in the best possible financial position. We have dealt with nearly every issue divorcing spouses face, and our clients trust us to help guide them through this difficult time.
How Do Taxes Impact a Divorce in Illinois?
When negotiating the division of assets in a divorce, there are several areas in which the potential tax implications should be considered. Many types of property do not incur a tax liability when transferred, but there are several exceptions to this rule, including:
Recent changes to federal tax laws have impacted several other aspects of the divorce process, such as:
Speak With a Knowledgeable McHenry County Divorce Lawyer
Taxes impact numerous areas of our lives. Failure to consider the tax consequences during a divorce can have serious financial ramifications in the future. At the Law Office of Vogel & Mourelatos, LLC, we stay on top of all the latest changes in the tax laws, and we can advise you on the tax implications of divorce for your specific circumstances.
For an initial consultation with one of our experienced divorce attorneys, contact our office today at 847-428-7725 or 630-200-4882. We serve clients in Kane County, McHenry County, DuPage County, Cook County/Rolling Meadows, Algonquin, Barrington, Barrington Hills, Batavia, Bull Valley, Burlington, Campton Hills, Carpentersville, Cary, Crystal Lake, Dundee, East Dundee, Elgin, Geneva, Lake in the Hills, Pingree Grove, St. Charles, South Elgin, West Chicago, West Dundee, Woodstock, and the surrounding Illinois