Miami Family Law Taxation Attorneys
The Financial Guidance You Need from Leinoff & Lemos
If you are going through a divorce and have a stake in a business, have retirement plans, and trust and estate plans in place, there may be tax considerations in your divorce. You need experienced divorce counsel to identify potential tax issues and provide you with the necessary counsel to ensure all necessary tax issues have been identified and addressed. In general, the division of marital assets and liabilities does not trigger taxable events but there are exceptions that can significantly impact your tax obligations after the divorce. To ensure that this aspect of the proceedings is considered, it is important to consult with an experienced family law attorney with an understanding of how to address tax issues related to divorce.
At our law firm, we understand how complicated, yet crucial taxes can be when it comes to dissolution proceedings. Our attorneys offer practical and professional guidance every step of the way. Whether you built your business from the ground up or have significant investments in multiple companies, we have the skill, resources, and knowledge to guide you.
Taxation Concerns When Divorcing
When it comes to divorce, there are many tax implications to consider. For those who own or have invested in a business, the stakes are even higher. One issue to consider is capital gains tax. If you are dividing assets during a divorce, you may be subject to capital gains tax on the sale of real property, stocks, or other investment assets. Additionally, if you own a business, you may be required to pay taxes on any business income that is distributed as part of the settlement. In determining the appropriate value of certain assets, the imbedded taxes must be considered. For example, if you are receiving $100,000 in pre-tax retirement funds, and your spouse is receiving $100,000 in cash, those two assets are not equal in value as the retirement account will be taxed once funds are withdrawn. There may also be penalties under certain circumstances.
Other taxation issues divorcing individuals with a high net-worth and/or significant investments should be aware of include:
- Who gets to claim dependents
- Taxes associated with dividing and dispersing retirement accounts
- The division of assets involving a non-U.S. taxpayer
If joint tax returns have been filed during the marriage and income has been under reported, experienced divorce counsel is important to help you understand the potential future liability.
At Leinoff & Lemos, we understand that managing the tax implications of divorce is a sensitive matter. Our attorneys draw on years of experience in high-stakes divorce cases to provide the guidance and support you need to navigate these challenges.
Make Minimizing Taxes Part of Your Divorce Process
As a family law and divorce law firm that exclusively handles complex cases, we have seen firsthand how important it is to consider and try and minimize taxes as part of your divorce process. Without proper tax considerations, you may be subject to unnecessary tax liabilities that can significantly reduce the value of your settlement.
If you are going through a divorce and own a business, you are encouraged to:
- Have your business valued by a qualified experienced professional
- Seek help from a skilled tax accountant experienced in business taxation and divorce
- Consider the imbedded taxes in all assets included in the marital estate
- Consult with an attorney experienced in high net-worth divorces and divorces involving the valuation of business assets
We Provide White-Glove Service to All Clients
Navigating the legal complexities of a divorce can be overwhelming and exhausting. When tax issues are involved, it may feel even more intimidating as you try to figure out what is best for your future. That is why engaging an experienced professional who understands the applicable laws is essential in obtaining assurance that your assets are valued accurately, and the associated taxes are managed appropriately. While we are not tax attorneys, we can help you identify potential tax traps and guide you to the appropriate professionals where required.
At Leinoff & Lemos, we strongly believe in a client-focused approach, which means you will always have access to experienced professionals who care about your case. We take a hands-on approach to all cases, and if you work with us, your case will be managed directly by your attorney. Our law firm recognizes that every divorce is unique. We work tirelessly to ensure that our clients get the best possible outcome, especially when dealing with sensitive matters like business valuation and taxation.
Contact our Miami-based family law attorneys to discuss your concerns regarding business valuation and taxation during your divorce.