Tax and Financial Planning in the Context of Divorce

Taxes and their impact touch almost every aspect of life; divorce is not excluded.

Taxes and their impact touch almost every aspect of life; divorce is not excluded. Federal, state and local taxes must be considered in the divorce process. Schiller DuCanto & Fleck LLP not only has always been in the vanguard of understanding how taxes impact its clients, but its Chicago divorce attorneys also have been instrumental in the simplification of federal tax law. Even so, the Internal Revenue Code is complicated and contains a minefield of problems for the uninformed.

The Chicago firm of Schiller DuCanto & Fleck has trained litigation attorneys who are well versed in federal tax law, having worked for the Internal Revenue Service and practiced before the Service. Some of these Chicago metro family lawyers are also Certified Public Accountants, Certified Financial Planners and Certified Divorce Financial Analysts. As tax law constantly changes, these lawyers maintain their proficiency by not only reading about the law and attending seminars but lecturing to other lawyers and accountants on this subject throughout the United States and abroad.

It is critical in every case that tax implications be considered and factored into any potential settlement. Not considering the tax effects of a property division or family support can result not only in losing the opportunity to save money but also costing the client money. If the case goes to trial, Schiller DuCanto & Fleck’s Chicago area litigation attorneys can present to the court a clear picture of the tax issues involved in the case so that the court is advised and correctly considers them in its decision.

If clients have their own Illinois tax advisors, financial planners, or tax professionals, a divorce  lawyer at Schiller DuCanto & Fleck LLP will work closely with them to better understand the client’s particular situation, to develop all possible options and factor those options into the negotiation process or include them as part of the evidence presented at trial.

Many times cases can be negotiated very successfully and trial avoided by considering tax implications and using tax planning as part of the divorce process, whether the case is heavily contested or not. It is important to realize that the divorce process does not have to be a “zero sum process” where one party does better at the expense of the other. Frequently, “win-wins” that benefit both parties can be implemented through careful financial or tax planning. It takes exceptional and talented divorce counsel to achieve this harmony; the Chicago area divorce attorneys of Schiller DuCanto & Fleck LLP have the skills as well as substantial financial and tax experience to help clients better achieve their goals.

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Child Support

Who has custody of the child or children is an important issue in every case, but just as important is assuring the necessary financial resources to be able to maintain a child’s standard of living now and into the future. The law recognizes this obligation and provides for child support to be paid by one parent to the other.

Premarital and Postnuptial Agreements

A Premarital Agreement, also commonly referred to as a Prenuptial or Antenuptial Agreement, is a legally binding contract, entered into by parties before their marriage, that defines what will happen when the marriage ends, either by dissolution or the death of one of the parties.

Marital Settlement Agreements and Separation Agreements

Marital Settlement Agreements are agreements incident to a dissolution of marriage. A Separation Agreement is an agreement between parties who remain married but are no longer living together who want to define their legal obligations and responsibilities to each other.

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