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Hoge Partners, PLLC
First Trust Centre
Suite 400 South

200 South Fifth Street
Louisville, Kentucky 40202
Fax:  (502) 583-1223
Phone:  (502) 583-2005

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Tax Liability in Kentucky Divorce

Tax Liability

Taxes are a huge subject of debate in divorce actions.

  • Who is going to be responsible for paying taxes on this year's income?
  • Who is going to claim the children as exemptions on this year's taxes?
  • Should the parties file jointly or separately (assuming they are still technically married on December 31st)?
  • What will happen to the refund on last year's or this year's return?
  • Who will be responsible for preparing this year's tax return?
  • Will maintenance be taxable to the recipient and deductible to the paying party?
  • Will one party indemnify the other from liability on state, federal and local taxes?  (Particularly important if there is a business enterprise involved.)

These are only a few of the questions you need to review with your attorney during the divorce process.

Remember, it's much easier to divide assets than to divide liabilities.  People are happy to take all or part of an asset but they're never anxious to take on tax liability or other debts.

If you have a complex financial estate, you would probably be well advised to also consult with your Certified Public Accountant or a tax attorney.

The Internal Revenue Service has a great deal of information and material available on the subject of divorce and taxes.

 



While the attorneys at Hoge Partners, PLLC cannot give you specific tax advice, there are many questions they can address as they relate to the structuring of your divorce.  They can also connect you with a qualified, experienced tax attorney who can discuss specific tax questions you may have.