Divorce and Tax Deduction Attorneys
For all but the most affluent families, divorce means financial strain. After all, you are dividing a single household into two households, each with separate expenses but without any corresponding increase in income. However, a solid understanding of the tax consequences of your divorce settlement can relieve some of this financial strain and even improve your bargaining position. At MacDowell Law Group, P.C., our Fairfax divorce and tax deduction attorneys can ensure that all tax aspects are identified and fully considered.
We can help you protect your interests throughout the divorce process. Contact our Vienna family law attorneys online or call (703) 277-2811 to schedule an appointment to discuss your situation.
Tax Issues and Support Payments
A common example of the ways tax considerations can affect your divorce settlement strategy is the fact that child support payments are not deductible to the payer, but spousal maintenance, or alimony, payments are. Alimony is also considered taxable income to the recipient. With this in mind, it makes sense to consider the tax consequences of a given payment.
If a high-earner is willing to pay higher alimony in exchange for a somewhat lower child support obligation, the collecting spouse in a lower tax bracket might find it desirable to compromise on a higher child support demand. Also, an assignment of the tax deduction for a child to the paying parent may be a strategy to employ in order to garner a higher child support payment. This is just one example of what might assist you in reaching a settlement to achieve your objectives.
Contact Our Vienna Child Support Attorneys
For further information about the ways that taxes can expand or restrict your options in the negotiation of child and spousal support, speak with us. Contact our Fairfax divorce and tax lawyers online or call (703) 277-2811 for an initial consultation to discuss your case.
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