Among the many changes that people go through with divorce or legal separation is the manner in which they approach tax issues. Married couples have different tax strategies available to them than those who are divorced or separated. Furthermore, divorce and separation ordinarily prompt ex-spouses to make financial arrangements that they should not make without first considering tax issues. If children are involved, the court must decide which parent gets to claim the child dependency exemption(s). Another consideration is that while child support payments are not tax-deductible, spousal maintenance payments are.
In addition to simple filing and liability issues, divorce results in property division that sometimes raises additional considerations. For instance, different types of tax implications arise depending on whether divorcees sell their marital residence, and how they reinvest the proceeds from the sale. Likewise, tax laws can have an effect on retirement funds that are transferred after a divorce. To best deal with these issues, it is essential to consult a qualified divorce tax attorney.
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