How could divorce affect my taxes?

When it comes to filing for a divorce, there are many factors that you may want to consider. For example, you may want to think about the potential impact divorce could have on your children and focus on making the process easier for them Or, you might be worried about how your marital property will be divided or stressed out about heading to court. However, if you live in Boston, Massachusetts, or anywhere in the United States, it is essential to realize the different ways that divorce may affect your taxes.

According to the Internal Revenue Service, there are many different ways in which splitting up with your spouse could have an impact on your tax return. For example, if you change your last name after divorcing your marital partner, you should keep in mind that the name you list on your tax return must be the same as your name as it appears in the Social Security Administration’s database.

Also, if you receive spousal support, you will be required to pay taxes on it and count it as part of your income. If you pay spousal support, you might be able to deduct your payments. However, this does not hold true for child support payments. Since divorce can result in the loss of health insurance, it is also vital to know how divorce could affect your taxes due to the health care law.

This post is being offered for general informational purposes and should not be taken as any kind of a substitute for legal counsel.



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