Taking Care Of Tax Needs While Getting Divorced
Divorces can take up a lot of your attention. Worrying about important matters like child custody, child visitation, asset division, spousal support and alimony can all blind spouses from other essential issues that also need their attention. One area that divorcing spouses often overlook is how a divorce can impact their taxes.
Here at V. Freitas Law, PLLC, we have more than 50 years of combined legal experience in guiding our clients through their divorce and all the incidental consequences that come with it. We pride ourselves on offering our clients the support and guidance they need to navigate through the complicated process of divorce.
How A Divorce Can Become A Tax Shelter
A “tax shelter” is a legal method of minimizing taxable income that you have to report to state and federal taxes. Your most recent marital status is the one you use in your taxes, regardless of how long that status has been affected.
For example, if you were to marry or divorce on December 31st, 2021, you would use that marital status for the entire year on your 2021 taxes.
Each person has unique circumstances in their lives, meaning that one solution may not work for everyone. We can help you review your situation and determine the benefits of when you should finalize your high net worth divorce.
Trust Us To Look Out For Your Future
High-asset divorces call for extra efforts to protect you and your assets. We stop at nothing to do everything in our power to look after our clients, including how your divorce can impact your taxes.
If you want a Washington attorney with decades of experience in representing clients through even the most complex divorces, contact our Seattle office today. Call us at 206-536-2875 or email us here to schedule your initial consultation.