Property Division and Income Tax

ILLINOIS PROPERTY DIVISION & INCOME TAX ATTORNEY

Property Division and Income Tax

Trusted and Experienced Family Law Attorney Since 1966

In some instances, recipients of inheritance assets need to pay income taxes on property received. And everyone knows that when you cash out or draw upon 40(k) accounts, taxes and even penalties must be paid. Many divorcing people then wonder, “If I transfer property or receive transferred property during a divorce, are income taxes owed?”
The answer to this important question is no. Stocks, IRA and 401(k) funds transferred to a spouse pursuant to divorce are not a taxable transfer.

If you need legal help in dividing marital property in divorce proceedings, family law lawyer Elliot Heidelberger can provide answers, knowledgeable counsel and attentive, results-oriented legal help.

Property division during divorce is complex and can affect your finances for years to come. Make sure your full property rights are protected throughout your divorce—contact Elliot Heidelberger at (847) 497-5020.

If you face a pending divorce, you will likely need to split and/or transfer assets for an equitable division of property consistent with a court order. Elliot Heidelberger has handled divorce and property division law in the Chicago and northwest Chicago area for a over 45 years and can manage your entire divorce proceedings.

Elliot Heidelberger is a fellow of the American Academy of Matrimonial Lawyers has been named by his peers as an Illinois Leading Lawyer and Super Lawyer in the area of family law. Contact us for experienced legal help regarding divorce, family, property division and divorce-related income tax law in Illinois. Contact our Naperville, Hanover Park and Chicago offices at (847) 497-5020.