Tax implications are one of the biggest items often overlooked in the emotional turmoil of separation and divorce.
A Vancouver, WA divorce attorney can help explain child tax benefits as well as dependent tax credits and child care credits.
Normally, after a divorce these credits will no longer be added to the household finances. Instead these will be paid out to one party or the other.
Homes which need to be sold early might require a penalty payment to the lender. This can be another complication. Also, if your home has increased in value, you may have to pay tax on your capital gains.
A divorce attorney can also explain to you that if you are taking a disproportionately large amount of marital property, you may be required to pay your spouse a sum of money to even out the financial split. This is sometimes referred to as a “equalization payment.”
Usually equalized payments are given because there is something of value that cannot be divided. This might be something such as a piece of art or maybe a pension plan.
All these concerns and many more can be dealt with by Lambert Law and her associates.
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Call 360-737-1473 today or click here to schedule an appointment.
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