Kane County Lawyers for Capital Gains in Divorce
Divorce and Tax Liability Attorneys Serving Clients in St. Charles, Aurora, and the Fox Valley Area
With the seemingly endless considerations inherent to the divorce process, it is not unusual to feel overwhelmed and confused. This can be especially true when you and your spouse have a fairly high-net worth or a substantial amount of property to be allocated as part the divorce process. At Bochte, Kuzniar & Navigato, P.C., our knowledgeable team is ready and willing to assist you in simplifying the proceedings and ensuring that your best interests are fully protected.
Selling the Marital Home
One of the more difficult decisions that you and your spouse will need to make is whether or not the marital home will need to be sold to facilitate the division of marital assets. With the help of our attorneys, you may be able to negotiate an agreement that allows one of you to remain in the home. This may be done by offsetting the value of one spouse’s share of the home with other marital property or through a buyout agreement, including a structured settlement that allows a party to set up payments over time.
In many cases, selling the marital home may be the best or only option available. However, the tax implications of doing so must be carefully considered, as capital gains realized from the sale of a home can potentially complicate any divorce.
Complex Tax Laws
The tax code regarding capital gains can be extremely confusing. If capital gains are applied and how they are applied will depend entirely on your specific situation. Available deferments and exclusions play a significant role in how the tax liability will need to be allocated. Accounting for capital gains in divorce will require a consideration of a number of variables including:
- The home’s original purchase price;
- Which spouse moved out of the home and when;
- Intended post-divorce living arrangements; and
- Whether the tax return was filed separately or jointly.
At our law firm, our intimate knowledge of the law makes us qualified to help in developing a workable plan for capital gains in your divorce. Our attorneys will assist you in understanding the most financially advantageous options available to you and your spouse, then work with you in drafting an agreement that meets your needs. If necessary, we are also prepared to advocate on your behalf in the courtroom as well.
For more than 40 years, Bochte, Kuzniar & Navigato, P.C., has been serving the needs of clients in the western Chicago suburbs, and we bring that experience to every case we take. If you have questions about capital gains or any other aspect of the divorce process, contact our St. Charles office. We offer a free initial consultation so that you will have the opportunity to discuss your case and receive an objective analysis from one of our skilled attorneys. Call 630-377-7770 today to schedule an appointment. We are proud to represent individuals and families in and around St. Charles, Geneva, Elgin, Wheaton, Naperville, and the rest of Kane, DuPage, Kendall, and DeKalb Counties.