Amaral & Associates, P.C. - Divorce, Family Law

Posts Tagged filing taxes after divorce

Financial Planning For and During a Divorce

financial planning divorce

A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for divorce, there are different actions you can take to plan for your own financial future after a divorce.

 

Create a Budget:

Review your household expenses to see what your weekly/monthly expenses come out to. In addition to including the usual expenses (i.e. mortgage/rent, utilities, heat, cable TV, telephone, groceries, clothing, etc.), don’t forget to include other typical expenses, such as uninsured medical expenses, motor vehicle expenses, child care, vacation and entertainment, education costs for yourself and your children.

Once you have your budget, look at what your income is, and what it is likely to be at the end of the divorce. Don’t forget to factor in any alimony and/or child support that you may be paying or receiving.

Based upon … Read More »



Dependency Tax Exemptions and Divorce

Divorce-and-Taxes

During the course of a divorce, there are many issues that spouses have to resolve: property division, alimony, child custody, child support, medical insurance, and taxes. One after thought of these many issues is the child dependency tax exemption.

In a divorce, spouses can agree how to allocate the dependency tax exemption. For example, if a couple has 3 children, then one parent can claim 2 children in a given year, and the other parent can claim 1 child in a given year, and then the parents can alternate in the following year. Or if parents have an even number of children, then they can each claim an equal amount of children.

However, sometimes it does not make financial sense for one parent to claim any tax dependency exemptions, either because this parent is unemployed or underemployed. In this case, the other parent can claim all the exemptions to as to maximize the tax consequences of the exemptions.

In divorces, the options with respect to dependency tax exemptions are endless. There is no “one size fits all” solution. Each couple should look at their … Read More »



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