Looking For a Specific Post?
Property Settlement Questions
Question: My spouse has offered me cash settlement in our divorce. Do I have to pay taxes on this settlement, and is he going to claim it on his income tax. If this is taxable, is there any way around it?
Answer: You should discuss the entire settlement offer with your CPA and lawyer, to ensure it is fair and to evaluate the tax implications. For example, in divorces finalized before 2019 an alimony settlement is taxable while a property settlement is not (Beginning January 1, 2019 alimony payments are not taxable). Ultimately, how the settlement is described in the divorce papers is very important in this respect. You need to have an attorney handle this for you.
Schedule Your 30-Minute
Telephone Consultation With Our Attorney
more than
30
YEARS OF FAMILY
LAW EXPERIENCE
SCHEDULE YOUR
CONSULTATION
At Virginia Family Law Center, we protect clients’ rights and help them understand the legal processes they are working through. Schedule your 30-minute telephone consultation with an experienced lawyer by filling out the form below.
Attorney Advertising. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis. By providing contact information, users acknowledge and give explicit consent to be contacted via the methods of communication provided, including SMS. Message and data rates may apply. Message frequency may vary. Reply STOP to opt out.
NUVEW | Accessibility Notifications | Privacy Policy | 2024 All Rights Reserved