Boca Raton Divorce Lawyer

Divorce and Taxes

Getting a divorce means figuring out how to resolve hundreds of issues, and one of the most confusing of these can be the income tax implications. There are many variations on what can happen that depend on everything from the timing of the divorce to custody decisions and allocation of property, alimony, and child support.

The timing of a divorce is important because whenever it becomes finalized, both individuals are considered to have been divorced for that entire calendar year. For example, if a divorce becomes final in November 2008, the tax return filed in April 2009 will be for a single person. As a result, it is often best to have a divorce finalized early in the calendar year.

Custody and Child Support

The custody of children plays an important role in post-divorce taxes as well. Typically, the parent with regular custody of the children gets to claim them as dependents and can have the exemptions that dependency entails.

It is also important for divorcees to consider the tax implications of alimony and child support. Alimony can be deducted from the taxes of the parent who pays it. For the receiving parent, alimony is considered income and is taxed as such. Neither of these stipulations applies to child support.

Contact Us

We understand that going through a divorce can be a painful, complicated ordeal. The experienced Boca Raton divorce lawyer of Eric N. Klein & Associates, P.A. can guide you through this complex process. Contact us today by calling 561-353-2800.