When preparing for proceedings, knowing the pre-filing considerations for high-asset divorces in Owings Mills can help you ensure that all relevant financial information and assets are considered. This preparation can ultimately increase your chances of reaching a favorable settlement. A high-asset divorce attorney could help you navigate the divorce process and understand key considerations to be aware of.
Before filing for a high-asset divorce, all parties involved should consider the following:
Both parties should collect as much relevant financial documentation as possible. These documents may include:
It is essential to be thorough when collecting and organizing these materials for accurate reporting.
It is also important to consider potential tax implications when transferring or selling assets involved in a high-asset divorce.
While certain costs may apply, so can certain tax exemptions. For example, neither party will need to pay tax on alimony for divorces finalized after December 31, 2018, whereas the IRS previously made alimony deductible for payers and taxable for recipients. Also, child support payments are neither taxable for the recipient nor deductible for the payer, and custodial parents may claim the child in their custody as a dependent to benefit from tax exemptions.
For help with determining tax consequences in a high-asset divorce case, it is often in both parties’ best interests to consult a tax accountant.
Calculating the value of all homes and businesses involved in the high-asset divorce is also necessary. Knowing the precise value of these assets, in addition to all others, will further ease asset division and contribute toward a favorable outcome.
Hiring an experienced attorney when entering a high-asset divorce could streamline the process. An attorney could help identify and calculate all assets as well as advocate on their clients’ behalf to get a fair settlement. Furthermore, an Owings Mills lawyer could ensure both parties recognize the pre-filing considersations necessary to smoothing the high-asset divorce process.
Understanding pre-filing considerations for high-asset divorces in Owings Mills can help facilitate a successful divorce process. If you are not sure how to proceed and need help with a divorce, consult a reputable divorce attorney from Nguyen Roche Sutton today.
Schedule a consultation to determine what options are available to you and receive the representation you need.
