There may not be two more feared words in the English language than "taxes" and "divorce," but if you are considering the latter, you really have to look at the implications of the former. People considering divorce in Massachusetts have to think about how their divorce settlement or order will affect their financial health, and managing the resulting tax consequences is no small factor in one's ability to thrive financially in the years following a divorce.
Massachusetts couples know that the Internal Revenue Code distinguishes between those who are married and those who are not. It should come as little surprise that a divorce can have significant tax implications. What can be surprising, however, is the extent of a divorce's effect on one's taxes. With the filing deadline approximately one month away, it is important to consider some tax areas affected by a divorce.