When you are divorced, or in the process of getting a divorce, there are a lot of hoops to jump through and things to take into consideration. With tax season around the corner, it’s a good idea to start thinking about how your divorce will affect you and your taxes. Here are a few things you will need to think about and make sure you have in order before the time comes.
Changing Your Information
If you’ve changed any of your personal information such as your name or address since getting divorced, you will need to make sure you get that updated with your employer. Not only is this important for their employee records but also to ensure that they can make sure the correct information is on your tax forms.
Updating Your Marital Status
Once your divorce is finalized it’s important to update your marital status on your tax documents as soon as possible. This will help you avoid a headache come tax time. Remember that if your divorce is not finalized by the last day of the year, you will still need to report that you are married since you legally were for that tax period. If you aren’t sure about your standing it’s best to speak with your divorce attorney, tax attorney or accountant.
Understand Division of Assets
When a divorce occurs there is a division of assets, which can make things a little more complicated. The choices that are made during that division can have an impact on your taxes long-term. Speaking with an attorney will best help you to understand what these impacts are and how to avoid losing money in unexpected fees.
Be Aware of Changes
After getting divorced your taxes will not look the same as they did when you were married. You may lose tax credits, move into a different tax bracket or list different dependents. Depending on your situation you may also need to keep some things in mind, like claiming your children as dependents and alimony on your taxes. These are things best discussed with an attorney or accountant because some of the laws have been updated in the past few years.
There are a number of resources you can use to sort out your taxes while going through a divorce, but the best way to get your questions answered is by asking an experienced professional. The attorneys at Holman Law Firm have years of experience and are ready to help, so give them a call before you find yourself in a mess.
Our highly experienced team has the knowledge and resources needed to help you prepare for the upcoming tax season. Holman Law Firm is committed to providing the best legal service in Pensacola, Destin, Pace and Cantonment, FL in a variety of legal areas. Contact us now for a free consultation at 850-435-6909 or go online at www.holmanfirm.com.