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Will divorce affect your tax returns?

When going through a divorce in Wisconsin, you will need to need to know everything about taxes and how your assets, marital status, and post-divorce choices can affect how you file in the future. Mayer Law Office, LLC, provides you with the information you need to get started.

First, it should be noted that high asset divorces are often considered to be harder to handle than divorce cases where fewer assets are involved. This is because a greater amount of assets means more complex litigation will likely be involved. This is especially true if these assets are tied up with joint accounts, businesses, and so on.

Secondly, depending on when in the calendar year your divorce happens, your filing status may change. If your divorce has been processed by the end of the calendar year, you must file as "head of household" or simply "single". This can potentially impact your tax returns.

Another factor that may impact your tax return is the status of your alimony payments. While child support is not tax deductible, alimony can be. However, there are instances in which it might be considered too similar to child support. For example, if your alimony payments are slated to end within six months of your child's 18th or 21st birthday, it will likely not be deductible.

If you are interested in reading more about high asset divorces and the best potential ways to handle them, or want to learn more about how divorce could impact your taxes the next time you file, visit our web page on family law. You can get a good idea of where to start there.

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