Baldwin Park Divorce Attorneys

Family law cases can be difficult however divorce cases are particularly complex in many situations. The process can be different in every case and if you’re facing divorce, it is essential that you work to protect your rights at every step of the way. Under different circumstances, an annulment, no-fault divorce, uncontested divorce, or contested divorce will be appropriate. If you are dealing with complex divorce issues, it is important that you consider seeking legal representation sooner than later.

Do Not Short Change Yourself in Your Divorce

When you’re going through a divorce in Baldwin Park, it can be tempting to simply accept the biggest financial payout you can possibly get your hands on. After all, your post-divorce future may be uncertain, and you may be in desperate need of financial security. But not so fast. If you are not careful, you could face serious tax implications for accepting the wrong type of divorce settlement. But what exactly are these tax implications, and what specifically do you need to avoid?

The Basics of Divorce Tax Implications

 One of the most important things to consider during a divorce is whether certain financial benefits will be classified as taxable income by the IRS. There are other financial transfers that may be classified as taxable transactions by the IRS, depending on their unique features. The basic goal is to determine whether accepting an asset is actually worth it when you factor in tax implications. For example, a $100,000 cash settlement might sound great at first. But what happens when you’re forced to give 25% back to the IRS for example? What happens if you had the opportunity to accept a different asset that wouldn’t cause such tax implications, such as a real estate property?

What About the Family Home?

 In addition, you should know that if either spouse decides to sell the family home as part of a divorce, you may encounter capital gains taxes. This is definitely something to consider if you are trying to figure out whether you should sell the home and split the proceeds.

Where Can I Find a Qualified Divorce Attorney in Baldwin Park?

 If you have been searching for a Baldwin Park divorce attorney, look no further than RM Law Group, LLP. Over the years, we have helped numerous divorcing spouses in California, and we know that divorce settlements can lead to all kinds of tax implications. With our help, you can carefully plan out your post-divorce future and strive for financial security. Book your consultation today to discuss your unique situation and get started with an effective, targeted action plan.