Getting a divorce can be a challenging process that will involve many complex concerns that must be addressed and resolved. Many of these issues are financial in nature, and they may be related to the property you own, the debts you owe, and the income earned by you and your spouse. As you work to negotiate a settlement, you may focus on your immediate needs and desires, including determining how living arrangements will be handled, making sure you have the resources needed to support yourself, and working out child custody arrangements. In the midst of addressing complicated legal issues and emotional concerns, tax-related concerns may be overlooked.
While few people want to think about taxes, it is important to make sure they are considered properly during the divorce process. The decisions made during the end of your marriage can have a significant impact on your financial future. To ensure that you are properly prepared to address tax issues, you can work with a divorce attorney at Weiss-Kunz & Oliver, LLC. With our experience representing clients in complex divorce cases, we can advise you on the tax concerns that may affect you and the options you may have for resolving these issues and protecting your financial interests.
Tax Filing Status
One of the first issues to address during your divorce will be related to how you will file your annual tax returns. While it may be difficult for you and your spouse to cooperate, it may be beneficial for both of you to continue to file taxes jointly prior to finalizing your divorce. Married couples who file jointly may be able to utilize a higher standard deduction and lower the total amount of taxes they will be required to pay.
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