The legalities of ending a marriage can be confusing. One area spouses tend to overlook is the issue of taxes. As you navigate the process, you’ll have to make several considerations. Below, divorce attorney Stacy D. Fulcher of the Fulcher Law Firm in Stanly County, NC, discusses the matter and what you should be aware of in greater detail.

Exemptions & Filing

The costs of raising a child can be a lot for a single parent to manage. Some spouses will identify in their divorce decree which parent gets to claim those expenses as exemptions. If no one is listed, the custodial parent usually gets the privilege. If you aren't certain who, if anyone, has the benefit of filing in this way, check with a divorce attorney.

Don't file a joint tax return with your spouse after the divorce has been finalized. Do so independently for that full calendar year, even if you weren't officially separated the entire time. Also, if you are the custodial parent of the children, claim Head of Household status on your returns to reap a few additional tax benefits.

Child Support & Alimony

If you have to pay child support, the expense is not tax-deductible. Similarly, if you receive that money, the funds are not taxable. As such, there are no specific tax advantages or disadvantages that come with either paying or receiving support.

A spouse who pays alimony to their former partner, via specific instructions set out in the divorce decree, can deduct this from their taxes. The person who receives these funds must consider it taxable income in the year it is received. As such, if you get alimony, you may need to pay more in taxes throughout the year to account for the additional support. 

If you have any questions or concerns about how your taxes will be impacted by divorce, turn to a divorce attorney at the Fulcher Law Firm. He has been representing Stanly County residents in family law issues for nearly two decades. For more information about his background and expertise in this practice area, visit online. Call (704) 984-6060 today to schedule an appointment with a divorce attorney.