Divorce: Filing Taxes

Taxes are important during and after a divorce. If you haven't consulted with a financial advisor, you should at least talk to an accountant at this point. Tax laws can be complicated and an accountant will be able to tell you what your best tax strategy is.

The IRS requires that your tax return reflect your marital status on the last day of the filing year. So if your divorce isn't final by December 31st then you will probably want to file a joint return with your spouse. But if you still have children at home, and you and your spouse have been living separately for the last six months of the year, filing your own return as head of household may save you money that could go toward legal fees and other divorce-related expenses.

There are tax credits available to the spouse who claims the children as dependents. You'll need to decide which parent will financially benefit from them most and file accordingly.

Alimony is considered income and is taxed as such. On the other hand, child support is not subject to income tax requirements.