What We Need to Know About Taxes During Divorce

Available for Interviews: Teddi Ann Barry

Teddy Ann Barry, Esq. is a family attorney and writer who has been serving families through divorce and custody and has been practicing family law for over twenty years, and also comes with a wealth of experience in mediation and collaborative law. She is also the author of The Do-It-Yourself Guide to Divorce in Colorado.

What Teddi Ann Barry can say in an interview on
Taxes and Divorce
:

Divorce and Taxes are at the top of many people’s minds this time of year. There are several issues you must think about when filing taxes in the midst of or after your divorce is final.

    • New filing status
    • Determining who claims the children
    • Reporting maintenance or not (When was your divorce final?)
    • Did you sell the marital home?
    • Did retirement accounts get exchanged?
    • Did you properly deduct legal fees?

Your lawyer is not your tax advisor.  We can share general information and discuss legal possibilities, but it is always wise to consult with a Certified Public Accountant to determine how your legal decisions and determinations will impact you financially. By speaking with a tax consultant, you can better understand how to file for the greatest financial benefit.

This is true for deciding who claims the children also.  While the default language in our agreements is either the parents alternate years or share the children, if there is a significant difference in incomes and a greater benefit to one parent or the other, then it is possible to be creative with language such as dad will claim the children every 3rd year, or mom will claim the children every year, but a % of any refund will be applied directly to an account for the children’s expenses.

The other issue which is often not properly handled by attorneys who do not know better is the issue of capital gains taxes.  If you keep the marital home in the divorce and choose to sell it later, you may have capital gains issues to address and lose additional monies you did not consider when you divorced.

Many CPAs are in the thick of the season for filings, so finding someone to advise you may be difficult, but certainly not as hard as doing your taxes incorrectly, or losing out on possible credits or deductions.

With taxes due very soon we should not wait!

 

Interview: Teddi Ann Barry

Teddi Ann Barry, Esq. is the Founder of Teddy Ann Barry, PSC., and has been an attorney for over twenty years. Other areas of law practiced are mediation and collaborative law. Teddy is based in the Cherry Creek office and practices family law exclusively. She is also the author of The Do-It-Yourself Guide to Divorce in Colorado: Get In, Get Out, Get Over It.

Teddy is a former guardian ad litem and Respondent parents’ counsel, representing the best interests of children placed in the custody of the State and the parents accused of abuse and neglect of their children by the State.

As an alumna of Creighton University in Omaha, Nebraska for both her undergraduate and Juris Doctorate degrees, Teddy is proud to have been educated at Creighton University which is one of 28 Jesuit Catholic universities throughout the country, that teaches, among many wonderful values, service.  I have been serving others in family law since 2000.

Teddy has been a business owner for over 17 years and continues to build a firm with experienced and well-respected professionals who can offer the highest level of client care, advocacy, skilled negotiation, and litigation if and when absolutely necessary.

 

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Jo Allison
Managing Editor
Director of Public Relations
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Jo@SuccessInMedia.com

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