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Wheaton Taxes in Divorce Attorney
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Kane County Taxes and Divorce Attorneys

Lawyers for Tax Consequences in Divorce Serving Geneva, Batavia, and St. Charles

Filing a joint tax return allows married couples to generally enjoy a favored tax status, as they can make greater deductions on their taxes. They also enjoy a lower tax rate and may claim children as dependents, which would provide additional deductions. Divorce, however, can impact the amount of taxes you owe significantly.

The Kane County divorce attorneys at The Stogsdill Law Firm, P.C. provide knowledgeable guidance regarding the tax consequences following divorce. We consider tax strategies as they pertain to property settlement negotiations, and our attorneys provide skilled strategy in order to minimize tax consequences before divorce and following divorce. Our attorneys work to protect our clients’ interest.

Divorce and Child Dependency in Kane County

When a child is claimed as a dependent on taxes, you may receive an exemption of thousands of dollars on income taxes. Exemptions can be significant if a family has multiple children. However, following divorce, only one child may claim a child as a dependent on their taxes, and that parent must prove child dependency through a few requirements, including:

  • For more than 50% of the year, the parent maintains physical custody; and
  • The child must be less than 19 years old at the end of the year or less than 24 years old and a full-time student in order to be claimed as a dependent.

The divorce settlement negotiation can involve determining which spouse will take the child dependency exemption on their taxes. It is important to discuss your concerns with your attorney.

Alimony and Child Support Taxation

The IRS handles alimony, now known as maintenance, and child support payments differently on taxes. The paying spouse in alimony has the payments as tax deductible, and the recipient is taxed for alimony payments. In contrast, child support is neither tax deductible for the paying spouse nor taxed on the recipient.

Lumping child support and alimony together in what is called unallocated support can be beneficial from a tax perspective. If the couple mutually agrees to treat the alimony and child support payments as one payment, the paying spouse receives a tax deduction, resulting in a lower tax bracket. Even after taxes, the receiving spouse may receive a higher payment than if the alimony and child support were sent as separate payments, benefiting both the recipient and the paying spouse.

If you are involved in a divorce and want help determining the tax consequences following the proceedings, contact our attorneys at 630-462-9500630-462-9500 to schedule a consultation. The Kane County attorneys at The Stogsdill Law Firm, P.C. will answer your questions and discuss the particular circumstances relevant to your case.

  • DuPage County Bar Association
  • Illinois State Bar Association
  • American Bar Association
  • Rotary of Oak Brook
  • BV Distinguished Rating by Martindale Hubbell
  • American Institute of Family Law Attorneys
  • American Institute of Family Law Attorneys
  • Top 40 Under 40
  • DCBA Law Firm of the Year
    DCBA Law Firm of the Year 2011, 2013
  • Outstanding Service to the Office of the State’s Attorney 2006-2007
    Outstanding Service to the Office of the State’s Attorney 2006-2007
  • Outstanding Misdemeanor Prosecutor 2012
    Outstanding Misdemeanor Prosecutor 2012
  • Client's Choice Award AVVO
    Clients' Choice
  • Thank you for helping me realize how good things really are in my life. I now focus on creating happiness each and every day for me & my girls. Things are definitely looking up!

  • If you are in need of a true advocate, and you are stuck in the family law court system in DuPage then William Stogsdill should be your choice. I feel strongly about his ability and I can't say enough.

  • I just wanted to take a moment to thank you for your professional assistance and advice on my recently dismissed case. I can again look forward to being together with my wife for many more years.

  • Mr. Smit has demonstrated a high degree of loyalty and trust worthiness to his work and to his associates. Justin certainly is an asset to your Law Firm, his organization skills are second to none. I have and will continue to recommend Justin ...

  • You've clearly established a client-focus in your office -- providing your clients with the warmth and understanding they need as they go through a very difficult time. Thank you, again, for all your help.

  • Taking that step to file for divorce was probably one of the most life changing decisions I have ever made. The process is very painful and emotionally draining. I retained Robert Boyd and Justin Smit of The Stogsdill Law Firm, P.C...