Will the settlement be taxed?
My wife and I are going through our divorce settlement. If my wife is supposed to receive a large portion of money through our divorce settlement, will that money be taxed?
Answered By: E. Ray Critchett, Zaino & Humphrey, LPA
While you may be tired of paying for legal fees, you should consider scheduling an appointment with a tax attorney and/or your CPA prior to finalizing your divorce agreement. Whether it is alimony, child support, receiving marital property, the transfer of benefits, or lump sum settlement payments, each aspect of a divorce agreement can have very different tax implications.
You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue. Thank you.
Answer Applies to: Ohio
Replied: 9/7/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue. Thank you.
Answer Applies to: Ohio
Replied: 9/7/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Law Offices of James C. Bechler, A.P.C.
It depend on how the settlement is structured. Ideally, you will have a divorce attorney who is also familiar with tax law.
Answer Applies to: California
Replied: 8/22/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/22/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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