How Your Asset Division Settlement May Affect Tax Obligations In Florida | Jennifer Labbe -Divorce - FL

affordabledivorceattorneysgroup.com/

Trial Lawyers Group

12161 Ken Adams Way

Suite 190

Wellington, FL 33414

United States

(561) 820-0010

While most assets in a Florida divorce can be transferred between the spouses without tax consequences, you still have to be very mindful of tax obligations. Florida law creates issues with capital gains and different tax treatment. Should you have to sell property or make distributions from an LLC or a closely held corporation, the taxes in those distributions could be seen as capital gains and the dates of filing are going to affect your basis.

For example, if a person decides, subsequent to the divorce, to sell an asset, they no longer have the protection of the $500,000 exemption; they would only have the $250,000 exemption. The best thing to do is to contact a qualified attorney who is used to handling high-asset divorces, who can advise you with the help of a forensic accountant or your CPA on how the assets would be distributed and the best way to avoid certain tax consequences.

For More Information About Divorce, Please Visit:

en.wikipedia.org/wiki/Divorce

Related Videos:

https://vimeo.com/speakeasymarketinginc/review/648985462/0fe08788c1

https://vimeo.com/speakeasymarketinginc/review/648985509/2958a79e6f

https://vimeo.com/speakeasymarketinginc/review/648985570/c87ee0309b