Though the taxing process of paying taxes isn’t all too different from the past few decades, divorce is. Joint Custody and several other changes in how property is split has made determining what is owed to the government, and by whom, harder than ever before.
Listed below are tips on five of the most distressing topics for those in a divorce.
1. Marriage Status
If your divorce is finalized between January 1 and April 18, you are still one half of a couple when it comes to filing your taxes. If your divorce is finalized in December,
you can’t file as married even if you were for most of the year and it would save you money. The a third status you can claim besides single or married is called “head of household,” which also save you money. The status was originally meant for single people, but some people in the middle of a divorce may also qualify. To do so, you have to have lived apart from your spouse for the last six months of the tax year; paid over half the cost of keeping up your main residence, and be able to claim your child as your dependent. Also, you have to file a separate tax return from your spouse, even if you are still legally married.
For more information, check out: Time