Will My Divorce Cause Any Tax Implications?

Some aspects of divorce are relatively simple, but become complicated when heated emotions and bitterness come into play. Other aspects, however, are inherently daunting to many people going through the process. Nobody enjoys filing taxes, and the process becomes more complicated for couples going through a divorce.

To make the process easier: communicate with your former spouse. This tip is incredibly common because it is incredibly important. With the help of a qualified Ponte Vedra Family Law Attorney many aspects of your divorce become simpler if you and your former spouse are on the same page and are open with each other, especially when it comes to tax issues.

The first thing to consider is how you want to file: if you were married last year but are now getting divorced, you have the option of filing jointly or separately. Each option carries its own concerns. A joint return might be simpler, but will expose you to tax liability should your partner run into any trouble with the IRS. A separate filing avoids this liability, but can be expensive.

Additionally, if you have children, it goes without saying that things will be more complicated. You’ll have to decide which parent will claim head of household status in order to get the dependency deduction. This is usually simple: the parent who has custody for more than 50% of the year generally claims the deduction. If you have multiple children and different time-share arrangements for each child, the head of household determination can be a little trickier; a Ponte Vedra Family Law Attorney can help you with these issues.

Spousal support. This area can be a little tricky as well and counterintuitive. As a general rule, the spouse paying support can deduct the payments from his or her income. The spouse receiving support, however, must include these payments as taxable income.

Some of this may sound confusing, but don’t worry: contact a Ponte Vedra Family Law Attorney in the Jacksonville/Jacksonville Beach/Orange Park area who can help you with these issues and other questions you may have.