When you go through a divorce in New York, it can have significant effects on how you handle your taxes. You might see differences in how much you owe or get back at the end of the tax year. The way you and your ex-partner split property and money can affect your tax obligations.
It’s important to understand these potential changes early on so you can plan ahead and take steps to minimize confusion and out-of-pocket expenses in the future. A knowledgeable divorce lawyer can help you develop personalized and effective strategies for handling your taxes after a divorce.
Division of Marital Property and Taxes in New York
Dividing up what you own with your ex-partner during a divorce can impact your taxes. The way you split things like your house, bank accounts, and other assets matters. Some choices could lead to higher taxes now or in the future. Because of this, it’s smart to talk to a lawyer before you finalize the asset division process. They can guide you on how to divide your property to minimize your tax obligations.
Child Support and Taxes in New York
Child support payments have no direct impact on your taxes. If you pay child support, you can’t deduct it from your taxes. Similarly, if you receive child support, you don’t need to count it as taxable income. Even though child support doesn’t affect taxes, other parts of your divorce might. An experienced lawyer can help you understand and plan holistically for your post-divorce tax situation.
How a Lawyer Can Help with Post-Divorce Tax Planning in New York
Figuring out your taxes after a divorce can be challenging, but you don’t need to do it alone. A lawyer can help you make smart choices about your filing status and other tax-related decisions. They can also guide you through your new tax responsibilities after your divorce is finalized. With a lawyer’s help, you can plan effectively for your taxes during and after your divorce. This can help you avoid common pitfalls and possibly even save you money in the long run.
Contact a New York Divorce Lawyer Now
Still have questions about how your divorce could affect your taxes in New York? Contact Lisa Zeiderman, Esq., today for an initial consultation. Lisa can help you with your post-divorce tax planning and any other concerns you have. Call Lisa today at (212) 769-3500 or contact her online for the guidance you need.