Tax Implications Of Divorce

VIDEO TRANSCRIPTION

If you’re going through a divorce, taxes might not be the first thing on your mind. You’ve got enough to think about. However, taxes are something you shouldn’t overlook. Tax Attorney Mary King says, “Your divorce “will terminate your legal marriage, “but it does not end yours or your ex’s obligation “to pay your portion of your federal income tax. “If your divorce is finalized by December 31st “of the tax-filing year, “the IRS will consider you unmarried for the entire year, “and you won’t file a joint return.” Even if the Divorce Decree says that you or your spouse must pay all the taxes, the IRS will hold you both responsible. Divorce can profoundly change your life, as well as your taxes, and it’s better to be prepared. An experienced tax attorney can help you choose a new filing status, decide who claims your dependent children, report alimony and child support, and more.

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