Taxes will play various roles in your divorce and in the years following the divorce. DiBella Law Offices, P.C., can inform you of the tax consequences of divorce as well as your rights and options. One of the biggest changes is that you will now file singly or as head of household rather than jointly. This can affect your exemptions and liabilities.
Our Burlington divorce attorney can talk to you about the tax consequences of divorce. If you are in need of a skilled divorce attorney who can handle all elements of your case, contact us online to schedule a free initial consultation.
What Tax Changes Could I See?
Attorney Christopher DiBella can answer your questions about the changes you might see in the current tax year. Some of the items that may concern you include:
- You and the other party may decide to file separate tax returns. This could mean that your tax liability increases, or it could result in lower taxes. It is advisable to figure out both joint and separate filing, and then choose the most favorable one.
- Do you share children with the other party? Decisions will need to be made regarding dependents. It is possible that your eligibility requirements may not be met during divorce or after the divorce. Tax breaks for dependents can include the child tax credit, deductions for education and the dependent care credit. This will get into who has primary physical custody. Additionally, the parent paying child support is not typically allowed tax breaks. Child support is not considered income for the parent who receives support on behalf of the children.
- Property division will result in tax implications. Who acquired ownership of the marital home in the divorce? Who got the retirement fund, and who got the investment accounts? Was the marital home sold? These assets can result in hefty tax bills.
- Do you pay or receive alimony? Spousal support is deductible to the payor and considered income to the payee.
Contact a Burlington Divorce Lawyer
DiBella Law Offices, P.C., can look out for your best interests during the challenging times of a divorce. To schedule your free initial consultation with an attorney, call us toll free at 877-556-6821 or contact our Boston, Massachusetts, law firm online.
