Your Legal Partner in Resolving Complex Tax and Financial Issues in Divorce
Divorce is seldom simple. When a couple owns a small business, large investments or retirement assets, or when they owe more on their mortgage than their house is worth, divorce can be downright complicated.
At Thienel Law Firm, in Columbia, Maryland, we have the knowledge of business law, family law and tax law needed to provide smart advice regarding complex financial issues in divorce. Our attorneys focus on helping clients resolve divorce-related issues in the most cost-effective way possible.
If you are an individual who needs representation in a complicated divorce, or you are a family law attorney seeking co-counsel on business and tax issues in a family law case, contact us to speak with one of our experienced divorce lawyers.
Business Valuation · Marital Property Division · Child Support · Alimony/Spousal Support · Retirement and Pension Plans
Many issues in divorce have tax implications. We use our knowledge of state and federal tax laws to help divorcing spouses structure their divorce settlement to maximize tax advantages and minimize tax liabilities. In divorces involving small businesses or professional practices, we use our knowledge of business law to help couples reach a fair division of business assets and other marital property.
Our law firm focuses on the following types of divorce issues, which often intersect with business and tax laws:
- Business valuation and division: As business lawyers, we work with business valuation experts, property appraisers and forensic accountants to obtain an accurate value of a family-owned business. We help parties negotiate a division of business assets or, when necessary, a business restructuring, buyout or dissolution of the business.
- Sale of a business: Our strength in buying and selling businesses and business planning benefits our clients who have to sell a business as part of a divorce. We counsel divorce clients on the tax implications of winding down a business or selling it, and how to avoid liability for tax problems in prior years.
- Retirement and pension plans: We assist with the valuation and division of tax-deferred accounts, including 401K's, pensions, IRA's and defined benefit plans. We draft qualified domestic relations orders (QDROS) and counsel clients on the tax implications of cashing in retirement funds.
- Alimony / spousal support: The payment of alimony has tax consequences. Alimony is taxable income for the spouse who receives it and is tax deductible for the spouse who pays. We help clients structure alimony and child support payments to obtain the maximum tax advantages.
- Sale or division of the family home: The choice of which spouse gets the house has tax implications. If the couple decides to sell the house and split the proceeds, it may be beneficial to structure the payment of the sale proceeds as alimony for tax purposes. When the parties are upside down in their mortgage, our lawyers can help with refinancing, loan modification, negotiation of a short sale with the bank, or other ways to minimize real estate losses in the divorce.
In most divorces, negotiation and voluntary settlement of disputed issues will be in your best interest. In family law cases, we encourage you to avoid the cost and uncertainty of divorce litigation. However, when cases cannot be fairly settled out of court, our divorce lawyers will aggressively protect your rights in the courtroom.
Contact Thienel Law Firm for representation in your legal separation or complex divorce in Maryland or the District of Columbia.