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…
filing taxes after divorce
Dependency Tax Exemptions and Divorce
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…
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