Divorce is complicated — and is made still more so when the individuals involved possess complex assets. Jointly owned businesses, real estate holdings, investments, retirement accounts and tax liabilities are often sources of disagreement in divorce proceedings. In many scenarios, it is difficult to appraise one's holdings, and there is a great deal of uncertainty concerning how much (or how little) a spouse is entitled to.
For nearly 40 years, the attorneys at Silverblatt & DeCosmo have assisted individuals in Wilkes-Barre and throughout eastern Pennsylvania in the assessment and division of complex holdings. We are committed to protecting our clients' most important holdings and work hard to ensure that they walk away from their divorce proceedings on firm financial footing.
It can be extremely difficult to ascertain the accurate value of an asset. Likewise, determining ownership stakes of a given holding is not always straightforward. Our lawyers work closely with financial experts to conduct a proper evaluation of assets and to make sure one spouse does not attempt to hide assets — and thereby exclude them — from asset division proceedings.
Equally crucial is knowing your tax obligations. While the sales of marital homes have largely been exempted from taxes, most other assets are not. If you are selling a business, a property or another holding, it is essential to understand the tax liabilities involved. Otherwise, you may find that what appeared to be a fair divorce agreement ends up burdening you unfairly when your taxes are due.
Indeed, no matter your financial situation, your tax liabilities will change with divorce. You will lose the benefits that come with filing as a married couple. If you are receiving post-divorce alimony, that amount will be includable in your gross income and deductible to the payor. Dependency with exemptions should be allocated fairly to receive the maximum tax benefit possible. With this in mind, it is to your benefit to consult with a lawyer who can help guide you through these concerns.
If you would like to discuss your divorce with us and learn how we can help you preserve your assets and your most important relationships, reach out to our firm. You can call our office at 570-820-9800 or arrange an appointment online.