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Tax Liability
Taxes are a huge subject of debate in divorce.
- Who is going to be responsible for paying taxes on this year's income?
- Who is going to claim the children as exemptions on this year's taxes?
- Should the parties file jointly or separately (assuming they are still technically married on December 31st)?
- What will happen to the refund on last year's or this year's return?
- Who will be responsible for preparing this year's tax return?
- Will maintenance be taxable to the recipient and deductible to the paying party?
- Will one party indemnify the other from liability on state, federal and local taxes? (Particularly important if there is a business enterprise involved.)
These are only a few of the questions you need to review with your divorce attorney during the divorce process. If you have a complex financial estate, you would probably be well advised to consult with your accountant or a tax attorney.
You deserve a divorce attorney who cares about your case. Contact the family law attorneys at Waters, Tyler, Scott, Hofmann & Doane -- (812) 949-1114. Weekend and evening appointments available; major credit cards accepted.
