Taxes are not necessarily an issue that exists in a vacuum. They involve so many aspects of your life that when your taxes intertwine with these other issues, legal problems can easily arise. For example, do you run or own a business? Then there could be serious tax implications for you depending on the structure of your business, your tax filings and your obligations.
But owning a business is just one such example. Another classic example of life events affecting a person is divorce. If you and your spouse decide to legally dissolve your marriage and move on as separate people, there could be serious tax problems in your future if your joint filing was improper.
There are many potential issues here. The first is that your spouse may have hidden assets, which could cause problems not just with your taxes but also with your divorce agreement. Additionally, if you have been audited or it is found that a past filing is fraudulent or past due, then legal issues can arise when you divorce. There can also be problems centered around depend child exemptions and property division.
When tax issues arrive as a result of a divorce (or the other way around), it is imperative that the splitting spouses involved get legal help. There are far too many risks in these situations, and Kundra & Associates can help you address these risks and protect your interests. If you are dealing with divorce-related tax issues, please consult with our law firm.