Divorce has significant tax consequences, the most important of which is that you can no longer file joint tax returns. Many couples who have filed jointly for several years forget the tax benefit they’ve been receiving until they have to file as single—then the financial reality of the situation sets in.
Divorce lawyers who are skilled at their job are usually able to work with a couple to achieve the maximum benefit from an otherwise non-beneficial tax situation. There are also ways to structure a divorce settlement that will make taxes owed less difficult for each party to handle.
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Family Law Updates, Tax Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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