You must pay your state and federal taxes or else face potentially massive financial penalties. If you are in the midst of a payment plan or have a business together and have complicated tax liabilities, it is important to address these concerns right away in your divorce or separation.
The short answer is, of course, hire a lawyer. But not just any lawyer. At Beroes Law Center, our lead attorney, Elizabeth Beroes, has more than 30 years of experience successfully helping our clients with their complex high-asset divorces. She is meticulous about the fine details and will aggressively protect your best interests.
In Pennsylvania, your division of assets and debts applies to marital property, not separate property. If your spouse owns property in their name only that they bought prior to your marriage, you could be exempt from having to fulfill outstanding tax debt on this separate property.
Separate property status may also apply in the case of spousal inheritance. For example, when property or an asset was a gift in your spouse’s name alone after your marriage and your spouse treated it as separate property during your marriage, future tax matters are theirs to address.
Tax concerns on business revenue can be intricate. If your spouse came up with the idea of their business and began operation of it before your marriage, the enterprise could be in the category of separate property. This is another circumstance in which you could arguably avoid being held to a tax obligation.
There are other areas to keep in mind that could have tax fallout. For example, if a sale of your home or vacation property is necessary as part of your property division, you and your spouse will be subject to real estate transfer tax and capital gains tax.
At Beroes Law Center, we are here to help you sort through these and any other types of tax questions you may have, including those relating to alimony and child support that arise in your divorce. Call our office in Pittsburgh at 412-621-6811 or send us an email to make arrangements for a free consultation.
