Many people know little about their spouse’s finances. This can lead to a rude awakening if you divorce. You could face tax liabilities or even criminal charges based on your spouse’s actions.

Allen Barron, Inc. and Janathan L. Allen, APC provide holistic tax, forensic accounting and financial advisory services for people who divorce. With offices in San Diego, San Francisco, Las Vegas and Phoenix, we represent clients throughout California and nationwide. If you think a divorce is in your future, call 866-631-3470 to arrange a free and confidential initial consultation.

We Work With Your Divorce Attorney

Family law attorneys deal with a wide range of issues relating to the dissolution of a marriage. However, few family law attorneys are qualified to advise you on the tax implications of splitting marital assets. Our attorneys are.

There are no do-overs when it comes to marital property division. If you and your spouse are separating your financial lives, you only have one chance to do it right. Here are some times where you should seek the opinion of a qualified tax lawyer:

  • Property transfers. If your spouse is transferring property to you, what is the cost basis? How will you be taxed when you sell it?
  • Tax status. Given the tax status of an asset, is it equal in value to another asset?
  • Operating businesses. To obtain your fair share of a business, you first need to value it. There are many ways a business owner can undervalue a business.
  • Defunct businesses. Even if a business is no longer active, it may contain assets and liabilities that are subject to division.
  • Foreign assets. Assets held outside of the United States may be subject to FBAR regulations, which have both civil and criminal implications.
  • Retirement savings. Splitting IRA and 401(k) accounts can trigger tax penalties for early withdrawal if done improperly.
  • Hidden assets. Our lawyers provide forensic accounting services to uncover assets and liabilities you may not know about.

The time to think about divorce taxation is before you get divorced, not after. As an experienced tax attorney, Janathan Allen provides the protections of attorney-client privilege while applying extensive tax knowledge to your marital property issues.

Contact A San Diego Divorce Tax Attorney

For help with divorce tax planning, talk to us.