People who are going through a divorce have a lot more in their minds. They are mentally and emotionally bound to a relationship that is now going to an end. And the ending is always painful. When a crisis in marriage appears, it may lead to many complex tax and property issues. Apart from normal emotions, there is the paperwork, the court, the taxes, the attorney and of course the money.
There are certain sets of rules that come into play in case of divorce. Taxes are complex and often difficult for a layperson to understand and grasp the multiple layers of nuances. Couples face tax problems when paying or transferring property before or after divorce. Couples who owe tax debt also have to trigger the tax problem.
The only way to understand how your financial situation will trigger after the divorce is by consulting a divorce tax attorney. We at Kreig LLC in Houston are here to offer sound guidance during this challenging time. Our attorneys offer clear and suitable guidance on all your important decisions. We evaluate your financial situation and guide you on the impact of child support and alimony on your finances. We help you to understand the tax implication of alimony and some types of property division.
Our divorce tax attorney in Houston is able to assist you with primary income, gift tax effects of divorce, estate tax consideration of divorce, the effect of divorce on income tax filing status, and the effect of divorce on income tax filing status.
You may just have only one issue in your mind, but there are other concerns also that quickly manifest as emotion rises high. If you have already thought about being separated, file the divorce first. Files the divorce papers prior to ensure your property rights are protected.
There is a lot more in the list related to the transfer of joint property after divorce. It is a must to evaluate the entire liquid and non-liquid assets in a marital estate. Non-liquid assets cannot convert easily into cash. It takes months or even years to make this transition. Other assets are transferred easily without any penalty after showing the divorce decree. A piece of detailed and thorough knowledge is necessary to avoid unnecessary expenses.
We work with you in an efficient manner keeping the best interest in mind. Call us now and get the best advice from the experts of our firm!
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