High Asset Divorce
Serving the greater Columbus, Franklin county and Central Ohio areas.Schedule a consultation
What will the tax implications be after my high asset divorce?
Family Law specialists with OVER 63 YEARS of experience.
In a high net worth divorce, tax issues loom large. Divorces, by themselves, are not usually taxable events, so you shouldn’t expect the IRS to send you a bill just because you were divorced. Nevertheless, the assets you choose to take in the divorce could have a big impact on your tax bill.
- For example, imagine that you get real estate in your divorce decree. Real estate has many taxes, including:
- Property taxes. You will be fully responsible for these after the divorce. You can’t go to your ex and expect him or her to contribute to the property taxes.
- Taxes on rent. If the property is an investment property that you rent to others, then you will be responsible for paying taxes on the rent you collect
- Capital gains taxes. If you choose to sell the asset in the future, then you will need to pay taxes on the increase in value. Capital gains tax will be based on the difference between what the asset was originally worth and what you got when you sold it.
Other Practice Areas
- Family Law
- Prenuptial Agreements
- Stepparent Adoption
- Grandparent Visitation Rights
- Spousal Support
- Equitable Distribution
- Military Divorce
- Social Media in Divorce
- Contempt & Enforcement
- Post Divorce
- Business Owners Divorce
- Tax issues
- Child Custody
- Grandparent Rights
- Same-Sex Couples Child Custody
- High Asset Divorce
- Retirement Assets
- Estate Planning
The place to go.
Lawrence Law Office is the place to go if you need expert and experienced legal counsel. Very knowledgeable about the court system. Been around along time. I highly recommend them!Stephen