Collaborative Family Law Tampa, FL

Collaborative Family Law Tampa, FL

Whether it’s because you no longer share the same goals or values or it’s simply time to part ways, every married couple going through a divorce has their unique reasons, as a lawyer who practices collaborative family law in Tampa, Florida knows. It is a painful and difficult process, but you do not have to go through it alone. Hiring a divorce lawyer can provide you with much relief, and you gain many benefits that can give you peace of mind. If you are considering alternatives such as collaborative family law instead of the traditional divorce process, a lawyer can give you detailed advice with that as well. Discuss your legal situation and goals by contacting a family law firm such as The McKinney Law Group.

Collaborative Family in Law Tampa, FL

The McKinney Law Group has accumulated over 10 years of legal practice. Established in Florida, the Tampa community has relied on them to protect their rights and provide individualized legal support for issues such as divorce, postnuptial agreements, alimony, and more. Clients can trust them to be transparent throughout the entire legal process, and they have achieved positive outcomes consistently. When you are going through such a personal case such as divorce, you want to have the best legal representation available. Clients are going through cases that they have a deep emotional investment in, so it is important that they work with a lawyer with a solid understanding of family dynamics and how to navigate them. Contact an attorney to learn more about what assistance they can provide for you.

Understanding Collaborative Family Law 

Collaborative family law is defined as a method couples can use to resolve conflicts. Rather than taking the dispute to court and paying for additional costs, each couple has their own lawyer and attempts to identify issues and propose solutions for them. Together, the couple tries to discuss and negotiate terms in order to settle the divorce. During the collaborative process, the parties sign a legally binding document that includes the terms of their agreement, such as not going to court, not involving their children, and committing to finding an amicable solution. If any of the terms are breached, then the collaborative process dissolves and the dispute must be resolved in another way.

The Role of a Lawyer 

Attempting any sort of legal negotiations without a lawyer is not recommended. Cases may contain a lot of nuanced procedures and details that can be difficult to understand and handle without professional help. If any problems occur, you can depend on a good lawyer to offer solutions. Along with their legal knowledge, a divorce lawyer has an expansive set of tools and resources that they can use to support your claim. They will be there by your side and advocate for your best interests. 

Tax Considerations in a Divorce

Even if you have decided to work with an attorney who specializes in collaborative family law in Tampa, FL, there are still things you need to consider as you work through the negotiation process. One very important factor is the tax implications of any assets and property you end up with in the divorce agreement.

Although there may be a variety of subtle impacts divorce can have on taxes, three are particularly common. First, divorce will affect the filing status of both spouses. Second, divorces involving custody disputes will affect the dependency exemptions that filers can claim for raising children. Third, some property transfers during the property division process may have tax implications.

Filing Status

The most direct way that a divorce will affect a person’s taxes is through their filing status. A person’s tax status depends on whether they are filing as married, single, or head of household. These filing statuses affect which tax bracket people end up in and the size of certain exemptions they can claim. Generally speaking, the choice following a divorce is whether to file as a single individual or as a head of household. The head of household status is available to unmarried people who have a dependent to take care of. It is generally treated better than single status for tax purposes, although every person’s tax situation is unique and requires individual analysis.

Dependency Exemptions

Another way that divorce can affect a person’s taxes is through the dependency exemption. These exemptions are tax breaks that people get to claim for raising children. After a divorce, people may no longer be eligible to claim it. The general IRS rule is that the dependency exemption goes to the custodial parent and that in cases of joint custody it goes to the parent who has the child for more of the time, unless there is a multiple support agreement in place. However, the IRS allows parents to decide between themselves who gets to claim the credit as part of the divorce settlement. Consequently, a couple’s divorce decree may end up overriding the IRS rule. In many of the cases where the couple has decided on a collaborative family law approach in Tampa, FL, the couple often decides to alternate years for the child dependency exemption.

Property Transfers

Property transfers as a result of a divorce may also have important tax implications. The general rule is that property transfers “incident to a divorce” are ignored for tax purposes. However, there are some exceptions. For instance, the divorce may involve the transfer of appreciated assets, such as stocks or real estate. While the receiving spouse likely does not have to pay taxes on that transfer from the divorce, the later sale of those assets will likely have important tax implications.

Your Tampa, FL collaborative family law attorney will help you determine what potential impact any property transfers could have on your financial standing prior to any agreements between you and your spouse.

Obtain Legal Assistance From a Top Florida Lawyer

Regardless of how you choose to settle your divorce, a lawyer can help you find the appropriate solutions to your problems. To speak with a lawyer who specializes in collaborative family law in Tampa, FL, and can inform you about your legal options, schedule a consultation now.