Tax law for divorce indiana

This money is not deductible.

Besides alimony, divorce usually contains a property settlement as well. Many times, it is not recommended for a couple to equally divide marital assets.

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It is better to give one party a lump sum settlement for equity interest. For instance, when the couple has a home with a mortgage, it is common for one party to keep the house and pay the other spouse the equity as a property settlement. No taxable gain or loss is recognized. Divorce lawyers will help couples understand what part of the settlement is taxable.

The IRS has specific rules in place to prevent property settlements from qualifying for tax benefits.

Type of Divorce Settlement

As if a divorce is not complicated enough, it is challenging to understand what part of a settlement is taxable. Protecting your family. Tax planning is important for all individuals and business owners.

Our experienced tax attorneys manage all aspects of tax from return preparation to audit defense, and protection from aggressive tax collection. Dodd is a true professional. He is always direct, well prepared, and courteous with an attention to detail. Bolen "Mr Dodd consistently countered the arguments of opposing counsel, and he was able to achieve the results we desired.

I have total confidence in Allen McKee Dodd, and it is without reservation that I recommend him and his law firm. Wellington "Allen understands the emotional difficulty of divorce and always takes the time to listen and give positive and encouraging feedback. Allen is not only knowledgeable and in my opinion the best attorney in Louisville, he is very personable and approachable and has a good relationship with the courts as well as a strong professional network with other attorneys in the field.

He is very knowledgeable and capable of handling the most complex cases. He is very thorough yet efficient.

Perkey "; document. A tradition of personalized service: Since the founding of our firm, we have remained committed to providing our clients with personalized, responsive service and tailored legal representation designed to suit the needs of our individual clients. Solid reputation and a record of results: Combining the skills, reputation and record of results of our attorneys, we provide service and advocacy you can trust to handle your case.

Whether you are interested in contract negotiation, civil litigation or need an experienced bankruptcy or trial attorney, we will take a creative approach to provide you with the unique solution your case demands.

2. Deducting Divorce-Related Expenses on Your Federal Returns

Our Jefferson County lawyers know that our clients come to us with different expectations and we tailor our services to meet the needs of our clients. From your initial consultation through the final resolution of your case, our attorneys will remain committed to your rights and interests. Contact the Louisville divorce and family law attorneys, estate planning, probate, tax, bankruptcy and business lawyers today.

Experienced Estate Planning and Trusts All individuals, families and business professionals should have an estate plan or a business succession plan. Our seasoned estate planning attorneys work with you to establish a plan that is tailored to protect your assets, provide for your needs and smoothly transition assets to heirs and beneficiaries in a timely manner and with the absolute minimum of taxation.

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We help to prepare important legal documents such as medical directives, powers of attorney, family trusts, business succession planning, pour over wills, and joint tenancy deeds with the right of survivorship.