Divorce experts claim that although taxes usually aren’t the first thing on a couple’s mind when they’re enduring a divorce, it’s definitely something that should be taken into consideration.
Divorce can be a difficult thing to go through, but there are ways in which a couple can put less financial and mental strain on themselves in order to ease the strain.
Money Issues
Clay Caldwell, who works as a divorce practitioner, says that the first thing a couple whose divorcing needs to do is come to some sort of agreement regarding money issues.
“It’s very easy to lose money if a couple isn’t communicating,” states Caldwell.
Preserving Assets
When it comes to taxes, the laws differ from state to state.
Certain states, like California, are known as common law or community property states, which means that the state treats all property owned by a married couple as a shared asset.
“When you file for divorce everything is subject to division,” explains Ken Raggio, a Dallas-based divorce lawyer. “California, for instance, splits community property 50/50.”
Choosing How to File Taxes
Caldwell claims that there are three different options for couples to choose and filing as “Head of Household” will save you the most money when you’re filing your taxes.
Though, in order to qualify for this option, you must pay more than the cost of keeping up the home and a child must be living with you.
(Source: Fox Business)
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