While there are many facets to the practice of family law, the divorce practitioner should be aware of tax implications associated with the treatment of property and debt division, spousal maintenance, child support, and attorney’s fees. It is important to be versed enough in the area of tax law to properly advise clients the ramifications of a particular settlement, or to advise the judicial officer hearing your case of tax implications so that a settlement or ruling has the impact intended by the parties or judicial officer. It is also critical when practicing family law to know your limitations when it comes to this area. As a divorce lawyer, it is common to consult with someone whose area of expertise is in tax law whether that be a Certified Public Accountant and/or tax attorney. IRS Publication 504 is a valuable publication offered by the IRS addressing many common issues associated with tax implications and divorce.
