Taxes and Divorce

In Uncategorizedby johncannon

Taxes and Divorce in Oklahoma

The Edmond Divorce Lawyers at Cannon & Associates are FIERCE ADVOCATES for those facing divorce in Oklahoma. We have helped many clients through the divorce process in Oklahoma, including the tax implications of divorce. 

If you or a loved one are facing divorce in Edmond or beyond, call us for a free confidential case evaluation. Edmond Divorce Lawyer John Cannon is a FIERCE ADVOCATE and available to talk to you today. Call Cannon & Associates at (405) 657-2323 and be prepared for your divorce. 

Taxes during Divorce

Taxes are a part of life in America and being married comes with many tax benefits in Oklahoma. Years of marriage and dependable income allow for accurate preparations for federal taxes and state taxes.  Married couples get in the groove of compiling brokerage statements, W-2, receipts, and other materials together for taxes. Many of our clients have accountants that assist in this process each year, including CPAs, which allows you to prepare for how much money you must collect to prepare for your expected taxes. How you pay taxes and what you must give to the IRS during divorce are a couple of the most common questions we are asked when it comes to divorce and taxes in Oklahoma. 

Many of our clients are fearful of not accurately reporting income for state and federal taxes. Horror stories are common concerning tax liabilities during divorce. What happens if my spouse doesn’t pay any taxes? Will I be liable for my spouse’s failure to pay the IRS? Ignorance of tax laws during a divorce is not a defense. It could cost you large penalties or even impact your retirement. There are plenty of reasons to be worried about taxes during divorce in Oklahoma; however, there are solutions to each of these concerns. 

Some tax consequences are dormant for years. Consider a lake house, or other asset, that appreciates year after year, without proper accounting you could face a giant capital gains tax that was unexpected. 

The year you go through divorce in Oklahoma will be unlike any other year for tax purposes. It will be complicated, but you can be prepared. Sit down with your Certified Public Accountant. Additionally, consider the assistance of a forensic accountant to give you advice for your specific situation. 

            Our Edmond divorce lawyers can explain important concepts such as “commingling” or “transmutation,” and others relevant to taxes and divorce. We cannot give you tax advice, but an experienced CPA can. Don’t worry, we can introduce you to some great CPAs, if you do not have an existing relationship with any. In the meantime, review IRS Publication 504, which is the IRS’s “Divorced or Separated Individuals” guide to preparing taxes.    

Conclusion

Experience matters when you are facing divorce in Oklahoma County. It is important to know the Oklahoma divorce lawyer you hire is dedicated to your cause and versed in all aspects of Oklahoma divorce law and the impacts of divorce on your taxes. John Cannon, owner of Cannon & Associates is experienced in the law and issues associated with Oklahoma divorce and has been recognized as a Super Lawyer. Contact Cannon & Associates to protect your rights and Fight your case. Complete the CONTACT FORM ON THIS PAGE NOW or CALL at 405-657-2323 for a free confidential case evaluation.