- Stocks, stock options and bonds
- Real estate
Whether your case involves the determination of the actual value of a family business or requires a custody evaluation, a highly skilled and experienced family law attorney can help you secure a brighter future.
Business Owners And Divorce
Protecting Your Financial Interests
Absent a prenuptial agreement, a business is considered community property in Arizona if it was started during the marriage — even if only one spouse’s name is on the business documents. If the business was started before the marriage, any increase in the business’s value during the marriage is community property. Any business may have value, even if it is a home-based consulting or service business that cannot be sold.
If a divorce is in your future, it’s important to prepare yourself by gathering financial documents and making sure business records are up to date. Our lawyers have a network of business evaluators that we use to determine the fair value of the enterprise in divorce. Money spent valuing a business is tax-deductible.
Depending on the specifics of your case, there may be legal steps you can take to protect your financial interests. For example, if you own a business and are planning an expansion, you may want to put those plans on hold until after your divorce. If you are concerned that a spouse may remove cash or assets from a business, you can protect assets with a restraining order.
Divorce Tax Issues Lawyer
Tax Considerations In Divorce
Tax considerations in divorce are highly particular to your situation, but here are some general guidelines:
- Property transfers that occur as a result of a marital property division have no tax consequences. For example, if you transfer an asset to your spouse, it is not taxable income for your spouse and it is not tax-deductible for you.
- Alimony is tax-deductible to the person who pays it and taxable income to the person who receives it. As a result, making alimony payments in lieu of another type of property settlement may have tax advantages. You should discuss your situation with your attorney and accountant.
- The cost of valuing a business in divorce is a tax write-off.
- Retirement accounts may face both income taxes and tax penalties if liquidated.
- Stocks and real estate held a year or longer are taxed as long-term capital gains when sold, which means you pay less in taxes that you would with assets held less than a year.
- When creating your parenting plan, it’s important to consider who will receive the dependent tax exemption. If your parenting plan is not properly written and you and your spouse have 50-50 custody, neither of you may be entitled to the dependent tax exemption.
Phoenix Postnuptial Agreements
A skilled and experienced family law attorney can help you understand all of the advantages postnuptial agreements provide.
Phoenix Prenuptial Agreements
- Second marriages — For those who are remarrying, especially those who have children from a previous marriage, a prenuptial agreement offers protection of those assets that are intended for the support of your children.
- Young marriages with assets — For families with substantial assets, a youthful marriage can create uncertainty regarding assets that are intended to support that person for the rest of his or her life. A prenuptial agreement ensures those assets are there to provide that support irrespective of matrimonial decisions.
The most important decision you make when considering a prenuptial agreement is the attorney you choose to draft it. A poorly drafted prenuptial agreement may not protect your assets or deemed invalid, leaving your assets exposed. A highly skilled attorney can draft a prenuptial agreement that protects your assets and achieves your goals.
Creative Solutions For Your Individual Needs
At DeShon Laraye Pullen PLC, our attorneys are exceptionally skilled at building strong cases in the most complex of circumstances. We bring in outside experts to complete business valuations and legal decision-making evaluations. We leave no stone unturned as we work to achieve our clients’ goals.
Our experience allows us to show our clients how to secure the future they want by making the best choices now. We keep you educated and informed so that you can guide your case toward the future you want.
Attorney DeShon Pullen is certified as a Family Law Specialist by the State Bar of Arizona. Her experience and the experience of the other attorneys of the firm give clients an advantage in negotiating and litigating on such critical issues.
Contact The Phoenix High-Asset Divorce Attorneys Of DeShon Laraye Pullen PLC
When you face divorce or another family law matter, choose the right attorney. Turn to the Phoenix high net worth divorce attorneys of DeShon Laraye Pullen PLC. To schedule an initial consultation, call 602-626-9552, 800-409-0262 or contact our office online.