If you’re considering divorce, you’re considering all the financial factors that go along with it. For many, this means considering big things like property, bank accounts, retirement savings, and more. But, what about taxes?
Few people are familiar with tax law. Even those who are sometimes struggle to make sense of what it’s going to mean to go from married filing jointly to single or how various components of the divorce, like child support payments, factor into taxes.
In this article, we’ll discuss the most important tax implications of divorce, including:
- Property settlement;
- Child support payments;
- Child exemptions; and
- Spousal Support/Alimony