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Income Taxes › Divorce

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Cozen O'Connor

Z.A.S v. T.S., Support Payments and the Treatment of Corporate Income

Cozen O'Connor on

In Z.A.S. v. T.S., 2024 BCSC 2205, the British Columbia Supreme Court (BCSC) provided a detailed analysis of the factors and financial intricacies involved in calculating income for purposes of spousal and child support...more

Conn Kavanaugh

Alimony Refresher

Conn Kavanaugh on

Enactment of the “Alimony Reform Act” The “Alimony Reform Act” of Massachusetts (G. L. c. 208, §§ 48- 55) was enacted in 2012 and dramatically altered the spousal support/alimony landscape. Thirteen years later, it is...more

Proskauer Rose LLP

Wealth Management Update - April 2025

Proskauer Rose LLP on

The April 2025 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5.00%, which is 0.40% less than the March 2025 rate. The April applicable federal rate (“AFR”) for use with a...more

Levenfeld Pearlstein, LLC

Keeping Romance Alive in Premarital Planning

Levenfeld Pearlstein, LLC on

Each year, “proposal season” begins around Thanksgiving and ends on Valentine’s Day. Then the planning begins — the date, the venue, the guests — and, for many couples, a premarital agreement....more

Fox Rothschild LLP

Top 5 Common Income Sources in Complex Child Support Cases

Fox Rothschild LLP on

Income from all sources is considered when calculating a monthly child support amount under the Pennsylvania Support Guidelines. Some child support cases are complex because a party has different sources of income beyond W-2...more

DarrowEverett LLP

The Tax Implications of Divorce: Alimony, Child Support, IRAs and More

DarrowEverett LLP on

Divorce is a complex and emotionally charged process that also brings substantial financial considerations, with three of the most significant financial aspects of a divorce being alimony (spousal support), child support, and...more

Weber Gallagher Simpson Stapleton Fires &...

Navigating Tax Changes in 2025: A Guide for Separating Couples

Weber Gallagher Simpson Stapleton Fires &... on

As the election approaches, discussions regarding tax modifications and changes to the tax law have increased. But before the election, the IRS has already announced some new IRS regulations which will begin in 2025. As...more

Jaburg Wilk

Eight Essential Tax Insights For Arizona Residents Who Are Navigating Divorce

Jaburg Wilk on

Divorce and legal separation can entail more than just emotional and legal complexities. They can also involve navigating intricate and complex tax implications. There are eight key considerations to consider relative to...more

Fox Rothschild LLP

Superior Court Finds Income is Income Until it Isn’t

Fox Rothschild LLP on

For time immemorial Pennsylvania’s appellate law has held that people who have children have a duty to deploy their resources to see that those children are adequately support. Child support is a “priority” obligation. “The...more

Lasher Holzapfel Sperry & Ebberson PLLC

My Spouse Filed for Divorce: What Should I Do Next?

Lasher Holzapfel Sperry & Ebberson PLLC on

Divorce often feels frightening and overwhelming, especially at the beginning if it came as a surprise. Even if you do not oppose the divorce and were expecting the paperwork, reading a divorce petition for the first time can...more

Fox Rothschild LLP

Is it Too Soon to Discuss a Joint Return for 2024?

Fox Rothschild LLP on

Yes, it’s January which means that accountants all across America are locking into their space capsules for launch into orbit where they will prepare countless returns due on April 15 for TY 2023 and then gently parachute...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

New Year Resolutions: Best Practices for Our Clients

Pietragallo Gordon Alfano Bosick & Raspanti,... on

Year-end and the beginning of the New Year are good times to check in on your family law matters. Myriad events might be triggered as the calendar switches over. A little pre-planning can avoid unpleasant surprises or...more

Weber Gallagher Simpson Stapleton Fires &...

2022 Tax Season: What Families Need to Know

Weber Gallagher Simpson Stapleton Fires &... on

As the 2022 tax season kicks off, there are important issues that divorcing parties must consider. First, it is always more beneficial to the family unit for the parties to file taxes married filing jointly. Not only does...more

J.S. Held

Crypto After the Crash: Strategies for Resolving Valuation and Tax Issues in Matrimonial and Other Litigation

J.S. Held on

The cryptocurrency market was down approximately 64% for the year 2022, with most of the decline occurring before the FTX collapse. For many, this news may bring a feeling of JOMO (Joy of Missing Out). For practitioners...more

Weber Gallagher Simpson Stapleton Fires &...

I Just Got My Divorce Decree, How Can/Should I File My Taxes for 2022?

Weber Gallagher Simpson Stapleton Fires &... on

Tax filing status is a common question asked of divorce attorneys like me and my colleagues – especially toward the end of the year. That said, while this is a popular question, this could be the shortest blog in history...more

Bowditch & Dewey

8 Important Tax Considerations During Divorce

Bowditch & Dewey on

Income tax effects are often the last thing on one’s mind when going through a divorce, but having sound tax advice during a divorce is important for many reasons. FILING STATUS - Divorce will change your income tax...more

Freeman Law

Tax Court in Brief | Ibrahim v. Commissioner | Deduction of Alimony or Separation Maintenance Payments

Freeman Law on

Tax Litigation: The Week of May 16th, 2022, through May 20th, 2022 Caldwell v. Comm’r, T.C. Memo 2022-51 | May 20, 2022 | Lauber, J. | Dkt. No. 3333-19. Ibrahim v. Commissioner, TC Summary Opin. 2022-7| May 16, 2022 |...more

Proskauer Rose LLP

Wealth Management Update - July 2021

Proskauer Rose LLP on

July 2021 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts AFRs - The July applicable federal rate ("AFR") for use with a sale to a defective grantor...more

Fox Rothschild LLP

The Illusory Tale Of The Biden Tax Credit

Fox Rothschild LLP on

This weekend brought a report from an outlet called BGR Media about the child tax credits that are due to start hitting bank accounts in the next few weeks. This child tax credit, unlike all its predecessors, is being paid...more

Bowditch & Dewey

When to Take Advantage of a Spousal Lifetime Access Trust (SLAT)

Bowditch & Dewey on

Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more

Gerald Nowotny - Law Office of Gerald R....

War of the Rosas - Using Pooled Income Funds in Divorce Planning

Gerald Nowotny - Law Office of Gerald R.... on

According to statistics 40-50 percent of all marriages end in divorce. To add insult to injury, tax reform eliminated the deductibility of alimony payments for divorce and separation agreements that are finalized or amended...more

Cozen O'Connor

The Deductibility of Future Alimony Payments Just Might Depend on the Past

Cozen O'Connor on

The Tax Cuts & Jobs Act of 2017 eliminated the tax deduction previously allowed for alimony payments effective January 1, 2019.  This meant that alimony payments made pursuant to an agreement executed after December 31, 2018...more

Jaburg Wilk

Divorce and Taxes

Jaburg Wilk on

When a couple is getting divorced both current and future tax obligations as well as tax basis are very important. There are four areas that we frequently advise our clients about. Originally published on ABC15 Sonoran...more

Cozen O'Connor

“Untying the Knot”: Practical Considerations for the Newly Divorced

Cozen O'Connor on

I was asked recently by a financial advisor in New York, to review and comment on a chart he had put together which was designed to help newly-divorced people in get back on their feet. The draft document I received covered...more

Cozen O'Connor

Changes to the Pennsylvania Support Guidelines in Response to the New Tax Law

Cozen O'Connor on

For the past several decades the “alimony deduction” has been available to all divorcing couples. This deduction provided that the spouse making alimony payments could deduct alimony payments from his or her income and the...more

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