Legal Question in Family Law in New York
Why would I itemize my taxes?
Hi, My husabdns and I are going to be getting a divorce. We have a court date coming up soon. He spoke to me about my taxes and said it's important that I itmeize my tax return. Why do I need to itemize it? Wondering if there is someother kind of motive behind it. Thank you for taking the time.
2 Answers from Attorneys
Re: Why would I itemize my taxes?
it is possible that he is looking for you to unwittingly disclose assets of expenses that he does not know about you can call me for a free telephone consultation
Re: Why would I itemize my taxes?
Why? That is an easy question.
You were one financial/economic unit and now you are to be two such units. Debts and assets will be divided between you. If your taxes are itemized, then it will be easier to assign different expenses/assets/debts to each.
However, as my colleague indicated, the tax form is a major source of financial information about the other party/person.
If neither of you has a lawyer, then it is probably ok to itemize. However, if only he has a lawyer then you should be careful. If you itemize and he does not, he gets information and an opportunity to be assigned your assets.
Please note: how child support and spousal support are identified in the divorce decree often has significant tax implications. How transactions are identified/categorized can affect how they are distributed and affect the 'bottom line'.
It is best to consult with an attorney before making any agreement.
You are welcome to a consultation for no fee.
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