DIVORCE PLANNING
Assessing the entire financial picture: Analyze assets, liabilities, cash flow, retirement accounts, non-liquid investments, and insurance policies to evaluate the financial impact of divorce.
Property and asset division strategies: Advise on equitable division of marital property, including complex assets like businesses, retirement accounts, and real estate, with a view toward preserving wealth and minimizing risks.
Tax implications and planning: Provide guidance on how divorce-related transactions affect income taxes, capital gains, and potential deductions, helping to structure settlements to reduce tax burden.
Retirement account considerations: Offer expertise on deciding how to split pensions, 401(k)s, IRAs, and understanding Qualified Domestic Relations Orders (QDROs). Help optimize future retirement security post-divorce.
Estate planning adjustments: Assist with revising wills, trusts, and beneficiary designations affected by the divorce to ensure alignment with new financial and family situations.
Debt management and cash flow planning: Help clients plan budget and debt responsibilities after divorce, considering altered income and expenses.
Collaborative support with attorneys and accountants: Work alongside legal and tax professionals to provide coordinated advice and strategies tailored to divorce settlements.
Tax filing status advice: Help clients understand how divorce affects filing status, exemptions, deductions, and credits for the year of separation and thereafter.
Tax consequences of property settlements: Advis on the tax treatment of asset transfers, including capital gains issues or non-taxable transfers between spouses.
Support payments and tax implications: Clarify deductibility and taxability related to alimony (considering tax law changes) and child support.
Representation during IRS disputes: Assist clients if tax complications arise related to divorce, including audits or collection issues.
Filing amended returns or offers in compromise when divorce impacts prior tax years.