If you are considering divorce, you should consult a Fort Lauderdale divorce attorney to make sure you understand the tax implications and other important family laws that may apply to your specific situation when filing for divorce.
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Taxes can be complex to navigate on your own
during and after divorce. If you are filing for
divorce, you may not be thinking about how this
decision can affect your taxes. However, divorce
can have a huge impact on your taxes and also on
▰ Child support is not taxable and the payments are not deductible.
▰ Spousal support is taxable the year you receive it
▰ Spousal support you have provided – You can deduct spousal support.
▰ It is possible to deduct contributions to your and your spouse’s IRA
▰ It is vital you notify the Social Security Administration about any name
changes otherwise the name on your tax records will not match your SSA
records causing further tax complications.
You are required to have healthcare coverage for yourself and
dependents claimed on your tax return. If you lost coverage after
divorce, you can enroll again during the established enrollment period. It
is important you report any change in circumstances throughout the
year, including marital status and other important aspects such as name
change and change of address.
Taxes are complicated and more so during a divorce. The first thing to
consider is your filing status. The IRS only looks at whether you are
married or not, the rest is history. Another important aspect to consider
is whether you will claim your kids as dependents or not. Generally, the
parent that spends more time with the children throughout the year can
claim the children as dependents.
Every couple’s financial situation is unique. Some decisions you make
now will benefit you while others are not as beneficial, especially when
filing your taxes. So what do you do? Dividing marital assets is already
complex. Your taxes are calculated depending on how these assets are
If you are considering divorce, you should consult
your family law attorney to make sure you
understand the tax implications and other important
family laws that may apply to your specific situation
when filing for divorce.
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