Taxes are unavoidable, and issues can arise unexpectedly in the context of family law litigation. Periodic spousal support is taxed, but lump sum spousal support settlements are not. If you are disposing of shares to pay out a spouse, it will likely trigger tax consequences. RRSPs are not worth the same as many other assets because tax will have to be paid on them, but you are able to roll them over into the other party’s RRSP accounts without having to pay taxes.
Taxes can arise in many different and unexpected areas, and it is important to have a trained lawyer who can spot issues and can either provide you with the appropriate information or know where to get it. At Lindsay Kenney, we do.
Contact an LK Law lawyer today for assistance with tax implications resulting from a marriage dissolution.
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