A number of tax issues may arise in your divorce.
Your attorney may not be able to answer all of your tax questions, so consulting your accountant or tax advisor for additional advice might be necessary.
Taxes are an important consideration in both settlement negotiations and trial preparation. They should not be overlooked. Taxes can impact many of your decisions, including those regarding alimony, division of property, and the receipt of benefits. It is important to know the tax implications of the property division and spousal support agreements you are considering before you enter into any final agreement. Many courts are not equipped, nor is it their responsibility, to understand all of the tax implications of a property division or a spousal support award.
Perhaps more so than in any other area of law, tax law changes constantly. Everything included herein should be checked with your attorney and tax advisor to be sure it is still correct and current at the time of your divorce.
For more information our book Divorce in New Mexico is available for $14.95 on the homepage of our website.