Divorce and Tax Considerations
In addition to the general adjustments that affect those parties who are involved in a divorce, there are also many other challenges and frustrations that must be addressed and overcome. For those who adopted a spouse’s name during a marriage, there is a seemingly endless amount of paperwork required regarding the reversion to one’s previous surname. Another issue that can be a source of aggravation and confusion is how to approach tax filings that pertain to the year of the divorce or those immediately before and after.
Understanding what the effect of your planned divorce will be on your tax situation can help you to choose how and when you proceed from a more informed stance. Contact the Denton divorce lawyers of Alexander & Associates at 972-420-6560 to speak with an attorney who cares about helping you determine the right path.
Potential Tax Issues
The first time you had to file a tax return after you were married, the question of your filing status probably caused a momentary pause. The same pause is a natural occurrence after you have filed for divorce or a judge has issued a divorce decree. Some of the points of particular concern which will determine how you file include:
- The portion of the tax year that was spent legally separated
- The party that held custodianship of children
- Who is entitled to claim a dependency exemption
- Who is liable for which assets, investment returns, and tax debts
If you are considering divorce, contact the Denton divorce lawyers of Alexander & Associates at 972-420-6560.
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