Divorce With Respect

Common tax questions during divorce

On Behalf of | Apr 23, 2018 | Divorce, English, Firm News | 0 comments

With the federal income tax filing deadline passing this week, those who have procrastinated are probably stressing out over the prospect of not having the money to pay their tax bill (if they owe money). For those who anticipate a refund, you can take solace in knowing that your money isn’t going anywhere.

If you are in the midst of a divorce, and are not sure how taxes will impact your divorce settlement, a family law attorney with a tax background can be especially helpful. He or she can help you answer a number of questions regarding tax and divorce. With that said, this post will focus on some of the common questions that divorcees may have about taxes.

What is my tax filing status? –Generally, your marital status on December 31 of the prior year will dictate your tax filing status for this year. So if you are in the process of getting divorced, or if you have recently had a divorce finalized, chances are that your status during 2017 will determine your tax filing status for a return filed that year.

Can I still claim the child tax credit? – The child tax credit is given to whoever is the custodial parent. If you are awarded joint physical custody of your child, you both may be eligible to claim the credit. However, only one parent may claim the child on their tax return each year. So you may have a problem if you claim the child on your return after your ex did the same on their return.

The preceding is not legal advice. If you have questions about taxes during or after a divorce, an experienced family law attorney can help.