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  • Individuals and couples with a high net worth face unique challenges when divorcing. Substantial asset holdings are often more complex than average and may even feature international real estate or offshore accounts. Unlike standard divorce proceedings, high-asset divorces often take longer to resolve due to the complexity of assets involved and the potential for significant financial implications.

    High-asset individuals frequently face unique hurdles, such as:

    • Complex property division
    • Privacy concerns
    • Potential for financial disputes
    • Tax implications
    • Valuation of unique or difficult-to-assess assets

    Below, we discuss three significant aspects of divorce that high-net-worth couples should know about before they initiate a divorce.

    Understanding Separate vs. Marital Property

    In Virginia, property division during a divorce follows the equitable distribution model, which focuses on fair, though not necessarily equal, asset division. Property division settlements can be negotiated directly between parties with the assistance of their lawyers, through third-party mediation, or decided by a judge during litigation.

    Before a couple's property is divided, it must first be categorized. Assets are classed as either marital or separate. Marital property includes assets acquired during the marriage, while separate property refers to assets owned individually before the marriage or acquired via inheritance or gift specifically to one spouse.

    What About Hybrid Property?

    A particularly challenging area is the concept of hybrid or commingled property—assets that have characteristics of both marital and separate property. For instance, if a spouse owned a business before marriage but its value increased during the marriage due to joint efforts, the business might be considered hybrid property, and all or part of it may be subject to division during a divorce. This complexity requires careful evaluation to determine how such assets should be divided.

    Tips for preparing for property division when you have significant wealth include:

    • Document all your assets thoroughly and carefully
    • Keep detailed records, especially if assets are commingled
    • Seek the advice of financial advisors and forensic accountants if necessary
    • Be proactive about understanding the valuation process for various assets, especially those that may be unique or difficult to appraise
    • Obtain appraisals from qualified professionals
    • Consult with a tax advisor to get help in understanding the long-term financial impact of property division decisions

    Protecting Your Privacy & Confidentiality

    High-asset divorces often involve sensitive financial information that can become public through court filings and proceedings. This exposure can be detrimental, potentially affecting personal and professional reputations. Therefore, safeguarding privacy is a top priority.

    Legal strategies to ensure confidentiality include opting for mediation or arbitration instead of litigation. These alternative dispute resolution methods offer a more private setting and can prevent sensitive details from becoming public.

    Prepare for a Longer-Than-Average Process

    High-asset divorces often involve intricate financial issues that require expert analysis. Financial professionals such as forensic accountants and business valuators frequently play critical roles in these cases. Consequently, the divorce process for many high-asset individuals can take longer than usual.

    While the average divorce in Virginia is three to six months, a high-asset divorce can take up to a year (or, in some cases, longer).

    Issues such as tax obligations, hidden assets, or offshore accounts can significantly complicate divorce proceedings. Addressing these challenges requires strategic planning and professional advice.

    If you are facing a high-asset divorce, reach out to our law firm to schedule a consultation with one of our experienced divorce attorneys. We are here to guide you through the divorce process and help you understand how Virginia's divorce laws may impact your case.

    Three Things to Know About High-Asset Divorces in Virginia
  • What You Need to Know in Virginia

    In today's rapidly evolving financial landscape, cryptocurrency has become a significant asset category. Its growing prevalence poses unique challenges in various legal contexts, including divorce proceedings. As more couples encounter the complexities of dividing digital assets like cryptocurrency, understanding how these assets should be handled becomes paramount.

    Keep reading to learn more about how to approach the division of cryptocurrency during a divorce.

    Understanding Cryptocurrency as a Marital Asset

    Cryptocurrency (or "crypto") is a digital or virtual currency that relies on cryptography for security. Part of the appeal of cryptocurrency is that it is incredibly secure and difficult to counterfeit. Many people see crypto as the future.

    However, unlike traditional assets, it operates on a decentralized platform, often providing users with a degree of anonymity. This decentralized nature, combined with the challenges of valuation, sets cryptocurrency apart from conventional financial assets when going through a divorce.

    Equitable Distribution in VA

    In Virginia, the law treats cryptocurrency like any other marital property subject to division upon divorce. Under Virginia's equitable distribution law, the court aims to divide marital assets fairly but not necessarily equally. Part of this process is identifying which property is marital (jointly owned) and which is separate (individually owned and not subject to division).

    Marital property includes assets acquired during the marriage, while separate property refers to those owned before marriage or acquired by gift or inheritance. Hybrid assets, commingled between marital and separate holdings, may also be involved.

    Factors the court may consider when dividing property in a divorce include:

    • The monetary and non-monetary contributions of each spouse to the marital property.
    • The duration of the marriage, which can impact the valuation of assets and the division process.
    • The age and health of both spouses, as these factors can affect future income and needs.
    • The standard of living established during the marriage, which may influence asset division to maintain a similar lifestyle post-divorce.
    • The assets and liabilities of each spouse, including debts, which must be accounted for in the division.
    • Any specific agreements between the spouses prior to divorce, such as prenuptial agreements, that outline property distribution.

    Dividing Cryptocurrency in a Virginia Divorce

    Virginia courts approach the division of cryptocurrency by considering several factors within the framework of equitable distribution. The courts may decide to split the assets between parties, assign a value to the cryptocurrency and compensate with other assets, or use a combination of these approaches.

    Accurate documentation of cryptocurrency transactions and holdings is vital. This transparency helps present a clear financial picture to the court, facilitating a fair division process.

    The Challenge of Valuing Cryptocurrency

    Valuing cryptocurrency presents its own set of challenges due to its volatile nature and fluctuating market conditions. An asset’s value can change dramatically within short timeframes, complicating the division process. Thus, an expert valuation is often necessary to ensure an accurate assessment of the holdings at the time of divorce proceedings.

    Hidden Cryptocurrency & Legal Remedies

    When a spouse attempts to hide cryptocurrency assets, it complicates divorce proceedings. Employing strategies such as thorough financial investigations can mitigate this risk. Failure to disclose such assets can lead to serious consequences, as hiding assets constitutes fraud.

    Identifying cryptocurrency holdings can be daunting. If you suspect your spouse owns cryptocurrency, look for common indicators, such as unexplained wealth or transactions. Legal discovery tools like subpoenas or hiring forensic accountants may also be helpful in uncovering hidden digital assets.

    Legal remedies for divorce fraud can vary; if you suspect your spouse is hiding cryptocurrency assets, you're encouraged to consult with an experienced attorney to understand the specific options available.

    The Importance of Legal Representation

    Protecting your financial interests in divorce proceedings is critical, particularly when significant digital assets are involved. The complexities surrounding cryptocurrency can make achieving a swift divorce settlement challenging. A family law attorney well-versed in digital assets (like ours at The Law Offices of Daniel J. Miller) can be an invaluable asset during this process.

    We invite you to schedule a consultation with us today to explore how we can assist you in this challenging process.

    Cryptocurrency & Divorce
  • We are thrilled to announce that thanks to your incredible support and votes, we have won the Silver Place in Best Family Law Firm Southside Coastal Virginia Reader's Choice, published in July/August 2024 issue. This recognition means the world to us and serves as a testament to our commitment to excellence.

    We extend our heartfelt gratitude to each and every one of you who took the time to vote and support us. Your loyalty and trust inspire us every day.

    Here's to many more successes together!

    Click here to view the full publication: Coastal Virginia Magazine

    Best Family Law Firm
  • In a divorce, a couple will have to divide assets, debts, and property, and decide who should keep items of personal property. In court, all property in Virginia is categorized so that it can be assessed throughout the distribution process. Every object in an estate is typically categorized as separate, marital, or hybrid, and the court evaluates the property according to the respective spouses’ past ownership or contributions to the marriage. You can better comprehend divorce procedures by being aware of Virginia’s property laws and the way the courts see the marriage itself in regard to the property.

    Which Things Are Considered Personal Property?

    In the course of a marriage, a couple often combine their premarital possessions and gains personal property together. As a result, a couple must frequently treat the following as personal property when dividing this property through an agreement or legal process:

    1. Vehicles. Automobiles, trucks, boats, motorbikes, trailers, off-road vehicles and other “toys” fall under this category.
    2. Furniture, Electronics, and Household Goods. These are examples of personal property that should be contemplated in any division of assets.
    3. Exquisite Collections. This applies to any collection of items, such as wine, currency, artwork, or antiques. This comprises unique items that were presented as gifts to both spouses, possibly as part of an anniversary or wedding celebration. Gifts can be a tricky category, and depending on the circumstances, may or may not fall under the category of marital property.

    The Classification of Personal Property by Virginia Courts

    Because Virginia is a “equitable distribution” state, a court will distribute property according to its interpretation of what is fair, which may or may not be equal. In other words, Virginia is not a “50/50” state. Property is therefore not always divided equally. In determining equitable distribution, a court takes into account the circumstances surrounding the acquisition of the property. Property will often be categorized by Virginia courts into one of three broad groups:

    1. Separate Property

    This can be defined as property acquired before the marriage or after the date of separation. A retirement account will probably be considered separate property if one spouse, for instance, had the account before to the marriage and did not make contributions to that account during the marriage. Courts cannot divide property that is not separate.

    1. Marital Property

    Both spouses acquire marital property together over the course of their marriage. For example, a house bought during the marriage will probably be classified as marital property regardless of whether the title is in one or both names. The court may decide how to split property that is mandated to be shared fairly.

    What About Pets As Marital Property?

    There isn’t much to argue about if you purchased your dog or cat before getting married; you are the pet’s original owner and may take it with you. Your spouse has no rights to your pet since it is not marital property. However, it is possible one party may take issue with a large amount of money that was spent on the pet during the marriage, such as surgery, which can be taken into account by a court. But like other marital property, like as the house, bank accounts, pensions, retirement accounts, and automobiles, if the pet was bought or otherwise obtained during the marriage, it is regarded as marital property and is subject to equitable (fair) division. Virginia is not one of the states that treats pets like children, like California and Illinois, where a court can grant custody of a pet to one of the parties.

    1. Hybrid Property

    Acquiring hybrid property requires using both individual and married finances. For instance, if one spouse owned a car alone prior to marriage but her partner made non-financial or financial contributions to its upkeep and care throughout the marriage, the court may consider the car to be hybrid property.

    We can help you with deciding how your property is divided.

    At the Law Offices of Daniel J Miller, we recognize that separating personal property after a divorce can be a complex and often an emotional procedure. If you have any questions, our experienced team of divorce attorneys is available to provide you with reliable legal assistance. To discuss your case in more detail, contact us here.

    Separating Marital Property: What You Can and Should Fight For!
  • Many divorcing couples in Virginia grapple with the question of whether evidence of infidelity will affect the outcome of a divorce case. Even if you are planning to move forward with a no-fault divorce process, you or your former spouse may have questions about whether documented incidents of adultery will impact the legal process.

    Understanding the legal implications of adultery in a Virginia divorce can help you manage your expectations as you enter divorce proceedings. Keep reading to learn whether adultery is considered when making important divorce settlement decisions, like property division or alimony.

    Adultery & Fault vs. No-Fault Divorce in Virginia

    Virginia law recognizes two types of divorce: no-fault and fault-based. A no-fault divorce may be granted without the need to prove wrongdoing by either party, often attributed to irreconcilable differences leading to a breakdown in the marriage. In these cases, it is unlikely that any past infidelity will have any bearing on the divorce proceedings.

    On the other hand, a fault-based divorce requires the petitioner to prove that their spouse's misconduct led to the demise of the marriage. Under § 20-91 of the Virginia Code, adultery is explicitly listed as grounds for a fault divorce. Therefore, you or your soon-to-be ex-spouse may cite it as grounds for a divorce if you plan to go the fault-based route.

    When Adultery Cannot Be Used as Grounds

    Notably, under § 20-94, certain conditions are outlined whereby a claim of adultery might not be sufficient grounds for divorce. These include scenarios where the couple has voluntarily cohabited after the knowledge of adultery or if the infidelity occurred more than five years before the couple filed for divorce. Additionally, it cannot be used as grounds for divorce if it "was committed by the procurement or connivance of the party alleging such act."

    Is Adultery a Crime in Virginia?

    Interestingly, adultery is not only grounds for divorce but is also classified as a crime within the state. Specifically, § 18.2-365 of the Virginia Code decrees adultery as a Class 4 misdemeanor. Though this classification underscores the seriousness with which Virginia law regards marital fidelity, many see this as a relic of the past. Criminal charges for adultery are infrequently pursued in contemporary legal practices.

    Impact of Adultery on Divorce Outcomes

    Recognizing adultery as grounds for divorce inherently acknowledges its potential to impact divorce settlements. Should one party file for divorce citing adultery, or if adultery is proven in court, it can notably influence the division of marital property.

    Virginia courts may consider the circumstances of adultery when determining how to divide assets between spouses equitably. While this does not mean the "innocent" spouse will automatically receive all or most of the assets, the presence of adultery could lead to a more favorable settlement for them, depending on the specifics of the case.

    Adultery in Context with Dissipation of Marital Assets

    When examining claims of adultery in divorce proceedings, it's crucial to consider how these allegations may interact with claims of dissipation of marital assets. Dissipation occurs when one spouse uses marital funds or assets for purposes unrelated to the marriage, especially in a manner that benefits them individually or in a way that is intentionally at the expense of the other spouse.

    If adultery is proven, courts may scrutinize whether the adulterous spouse spent marital assets on their affair, such as gifts, trips, or housing for their affair partner.

    Virginia courts are empowered to consider both the act of adultery and the financial implications of that behavior when making equitable distribution decisions. If it is determined that marital assets were indeed dissipated as part of adulterous activities, this could lead to adjustments in the division of property that serve to compensate the other party for what would have been their share of the wasted assets.

    Effects on Alimony/Spousal Support

    Equally important to consider is how evidence of infidelity might affect alimony or spousal support decisions. In Virginia, courts have discretion in awarding spousal support and can take into account the circumstances leading to the dissolution of the marriage, including adultery.

    If a court finds that infidelity had a significant role in the breakdown of the marriage, this could result in a reduction or elimination of the amount of spousal support awarded to the unfaithful spouse. It is vital, however, to remember that each case is unique, and outcomes can vary greatly depending on the facts and evidence presented.

    If you are going through a divorce and believe that infidelity may affect your case, reach out to our law firm for guidance. The divorce lawyers at The Law Offices of Daniel J. Miller are here to help.

    Will Evidence of Infidelity Impact My Divorce Case?
  • The end of a marriage is often fraught with emotional and legal complexities—even when both parties agree it's the right step forward. In Virginia, an uncontested divorce can seem like a straightforward process, but it involves specific legal requirements and decisions that will have a lasting impact on your life.

    We understand that contacting an attorney may feel daunting, but your best interests are at stake. Even when you think you and your soon-to-be ex are on the same page, having a legal professional review your divorce settlement is generally worthwhile. Keep reading to find out why.

    Uncontested vs. Contested Divorce

    In Virginia, a divorce can either be uncontested or contested. Regardless of whether a divorce is contested or uncontested, it remains a legal proceeding with far-reaching consequences that can affect your financial stability, living arrangements, and familial relationships for years to come.

    An uncontested divorce occurs when both spouses agree on all key issues, such as child custody, asset division, and spousal support. This mutual agreement eliminates the need for court intervention to resolve disputes, potentially resulting in a quicker and less costly legal process.

    Conversely, a contested divorce is one where the spouses disagree on one or more critical matters, requiring negotiation, mediation, or a court trial for resolution. Given its complexity, having legal representation in a contested divorce is often considered essential.

    Virginia's Legal Requirements for Divorce

    Virginia upholds specific prerequisites for couples seeking a divorce. Firstly, to file for divorce, at least one spouse must have been a legal resident of Virginia for at least six months before the divorce filing.

    Secondly, the state mandates that couples live separately for a certain duration before filing for a no-fault divorce—typically six months without minor children and one year if the couple has minor children. Separation means living apart without cohabitation and any interruption in such an arrangement.

    If you and your former partner meet these requirements, you can proceed with filing for your divorce in Virginia.

    Do You Need a Lawyer?

    While Virginia law does not demand you have legal representation to obtain a divorce, the court system and legal professionals alike strongly recommend that individuals seek guidance from an experienced divorce attorney. Even in an uncontested divorce scenario, legal representation can be critical.

    Working with an attorney has many benefits, including:

    • Protecting your best interests: Without an attorney, you risk inadvertently waiving important legal rights, such as custody or property rights. Your lawyer can provide insight into Virginia divorce and family law, helping you confidently make informed decisions.
    • More equitable settlements: Lawyers can help review the terms of settlement agreements for fairness and sustainability. Without legal guidance, you may agree to terms that seem equitable now but are detrimental in the long term.
    • Help with legal paperwork: The divorce process involves extensive paperwork and documentation that must be completed accurately and filed in accordance with strict court rules. Mistakes can lead to delays or legal issues.
    • Advocacy during negotiation and disputes: If disagreements arise during the divorce proceedings, a lawyer skilled in negotiation, like ours at The Law Offices of Daniel J. Miller, can help find solutions, potentially sparing you from court intervention.

    A Single Consultation Can Make a Difference

    While it's true that uncontested divorces are more straightforward than contested ones, they still have the power to shape your future. Consulting with an attorney does not necessarily mean you are gearing up for a legal battle; it is a measure to safeguard your future.

    At The Law Offices of Daniel J. Miller, our approach is compassionate and professional, always aimed at reducing the strain divorce proceedings can exert on an individual. We encourage anyone going through this transition to consider reaching out to our lawyer for legal counsel.

    Contact us online to explore how we can assist you during this pivotal life event.

    Do You Need a Lawyer for an Uncontested Divorce in Virginia?
  • Divorce can be an incredibly challenging period. Navigating the legal landscape and managing your emotions can be a lot to handle. During this time, it is important to address situations where one spouse feels threatened or unsafe, and a restraining order may become necessary. Additionally, there are cases where an individual may seek a restraining order prior to filing for divorce.

    If you or someone you know is in an emergency situation, please reach out to the National Domestic Violence Hotline at 800-799-7233. You can also text START to 88788 for assistance. Your safety and well-being are of utmost importance.

    What Is a Restraining Order?

    A restraining order, also referred to as a protective order, is a legal order issued by a magistrate or judge with the intention of safeguarding the well-being and safety of an individual who has been subjected to abuse, as well as their family or household members.

    Who Can Get a Protective Order?

    You may seek a protective order if you meet any of the following criteria:

    • You are an adult or minor victim of domestic violence, as legally defined. This violence may be committed by a family or household member, a relative of your spouse, someone with whom you live, or someone with whom you share a child.
    • You are filing on behalf of your minor child or an adult family/household member who is physically or mentally incapacitated and unable to file on their own.
    • You have reported or witnessed an act of domestic violence resulting in abuse, threats, harassment, or other forms of intimidation directed towards you.

    Types of Protective Orders

    There are several types of protective orders that vary in duration and scope. The person who files for a protective order is the "petitioner," and the individual against whom the protective order is filed is the "respondent."

    Types of protective orders include:

    • Emergency Protective Order (EPO): An EPO is a short-term order that is usually issued by the court immediately after an incident of abuse. It typically lasts for three days or until the next court date.
    • Preliminary Protective Order (PPO): A PPO is a medium-term order that provides protection for a longer period of time, typically up to 15 days or until the final Protective Order hearing. It can be issued without the respondent being present in court.
    • Permanent Protective Order (PO): A permanent protective order can last for up to two years. This type of protective order requires a court hearing where both parties can present their evidence.

    How a Protective Order Can Affect Divorce

    A restraining order can have a significant impact on the divorce process in multiple ways. However, it is crucial to remember that your safety should always be the top priority.

    Ways a protective order can impact divorce proceedings:

    • Negotiation Challenges: In divorce situations, spouses are encouraged to negotiate on matters such as child custody and spousal support. However, domestic violence cases may require alternative solutions.
    • Restrained Interactions: When a domestic violence restraining order is in effect, the spouses may be prohibited from being near each other, complicating divorce settlement negotiations.

    Although a protective order can present unique challenges in a divorce, it does not make divorce impossible. By seeking the guidance of a knowledgeable attorney well-versed in both protective orders and divorce proceedings, you can effectively navigate through this complex process.

    Get in Touch with Our Team

    If you or someone you know is going through a divorce and needs assistance with a protective order, get in touch with our team at The Law Offices of Daniel J. Miller. Our experienced attorneys can help you understand your rights and navigate the legal process with compassion.

    Contact our firm today at (757) 267-4949 or send us a message online.

    How Does a Restraining Order Affect a Divorce?
  • Contemplating divorce is hard; going through it with a narcissistic soon-to-be ex is another battle. In addition to the stress of a relationship breaking up and changing family dynamics, divorcing a narcissistic person would mean dealing with blackmail, violence, manipulation, and unreasonableness. These narcissistic traits generally lead to a longer divorce process and significant financial burdens for the divorcing couple. In these difficult circumstances, a person seeking a divorce must be prepared to keep their and their loved ones safe and have relevant documents available to support their divorce petition.

    Some of the essential things a person anticipating a contentious divorce with a narcissistic partner keep the following in mind:

    Gather Financial Information

    A significant aspect of a divorce is the couple’s financials. Financial information is vital to any divorce as it may affect alimony, child support, or the division of assets. A narcissistic spouse could lie, withhold, or manipulate financial information about marriage. To alleviate this risk, it is critical for a person contemplating divorce to get this information as soon as possible.

    Financial information may include but is not limited to bank records, investment records, debt, income, and a list of properties.

    Collect and Organize Personal Documents

    In addition to the financial information, a person with a narcissistic spouse should have their documents handy or set aside at a safe location. This is critical as a problematic situation may arise where a person may have to flee the shared home unexpectedly, or they may be locked out of collecting their belongings and should have certain documents handy or set aside at a different location. Although replacing personal records is possible, it usually takes significant time and effort. Moreover, these documents are generally used for filing a divorce, incident reports, and everyday living.

    These critical personal documents may include but are not limited to passports, birth certificates, marriage certificates, and identification cards.

    Keep Detailed Notes of Important Conversations and Encounters

    Narcissistic people tend to lie and manipulate the situation to serve their purpose. It is best to keep emails, letters, or detailed notes of conversations, interactions, or conditions documenting what happened to combat issues during the divorce process. This information may be valuable during the divorce when the narcissistic spouse attempts to manipulate the situation or recollection of an encounter.

    Have a Safety Plan For You and Your Loved Ones

    Narcissistic people tend to use violence if they do not get their way. During this tense time, the safety of the person initiating the divorce or the children may be threatened. A person must have a safety plan to ensure their safety and sanity during this severe event. Having a safety plan may mean they have a person who could protect them or a place where they can seek shelter while they plan or go through the divorce process. Such a safe place can be a local shelter, family member, or a trusted friend.

    A thorough safety plan also includes having cash set aside. This is particularly important, especially if a person has to leave the premises immediately or would have unable to access the couple’s home or bank. By having some cash at hand, a person can safely seek shelter or facilitate a safe way to live away from a narcissistic spouse.

    The Law Offices of Daniel J. Miller is committed to defending the rights and interests during the divorce process. Our well-experienced attorneys have successfully handled numerous contentious divorces on behalf of our clients. Most importantly, our lawyers are prepared and dedicated to guiding our clients through stressful divorces with narcissistic spouses.

    Divorcing a Narcissist
  • Divorce is difficult even under the best circumstances, and there are plenty of life adjustments to be made. From finding new living arrangements to figuring out a new schedule for your children, there are many things to consider after a divorce. Amidst all of this, you probably aren’t thinking about how filing taxes will be different after the divorce, but it’s certainly something you should consider.

    Declaring a New Tax Status

    Once your divorce is finalized, your tax status will likely change. You may have been filing as “married filing jointly” previously but now need to change it to “single” or “head of household” in the next tax year. When doing this, you need to keep in mind that your filing status will be determined by the date your divorce was finalized. If it’s finalized after the last day of the tax year, you may need to file jointly or file your own as “married filing separately.”

    The Benefits of Filing Jointly While Separated

    If you’re going through a period of separation from your spouse, you may be wondering what this means for your taxes or how you should file them. You may think the obvious choice is to file separately since you’re going through a period of separation, but you may be hurting yourself if you do this. There are pros and cons to each, but if you are amicable with your spouse and can file jointly, it can make things much fairer for everyone involved.

    If you choose to file jointly, you will be able to take advantage of many of the same tax credits and deductions that you would have had throughout your marriage. Everything should stay the same as it was before you were separated, so it should be fairly straightforward to file your taxes and know what you’re getting back. If you file separately, the amount may be notably different than it would be if you file jointly.

    Additionally, filing jointly can be extremely beneficial for both parties if children are involved. If you’re filing separately, only one parent can claim the child for a tax credit. This means that the other parent won’t be able to claim the child on their tax returns and won’t be eligible for the child tax credit. This can make a big difference in the amount you receive in your tax return and could be incredibly unfair to the parent who does not receive the tax credit.

    Not every separated couple is on good enough terms to file jointly, though, and that’s understandable. There are also benefits to filing separately, such as keeping your tax liabilities separate. You have to figure out what will work best for your scenario to know how you should file your taxes.

    Child Tax Credits

    Additionally, you will also have to figure out who will receive the child tax credits. If one parent has sole custody over the child, it’s likely that they would receive this credit, but there are certain circumstances and situations that allow for the noncustodial parent to claim it. Some couples even choose to alternate who uses it each year.

    Property & Business Ventures

    There are a few other situations to be aware of if you’re going through a divorce. If property is being transferred between spouses or ex-spouses, it is a nontaxable event. Likewise, if the couple owns a business together and one spouse buys out the other or they continue to co-own the business, it is a nontaxable event. But if the business is sold to a third party, it could end up being a taxable event. Furthermore, alimony payments are also no longer taxable as of 2017.

    When to Involve a Divorce Lawyer

    Divorce is difficult enough as it is— you don’t want to add issues with the IRS to your struggles. If you’re unsure where to turn or what steps you need to take in your divorce, the Law Offices of Daniel J. Miller can help.

    Whether your divorce is complicated or simple, you will benefit from having one of our experienced family law attorneys on your side. If you’re in need of representation, give our office a call today at (757) 267-4949 or contact us online.

    Filing Your Taxes After a Divorce: What You Need to Know