Divorce and Tax Ramifications
Posted on Mar 2, 2011 7:45am PST
When you are contemplating divorce it is imperative to understand the tax
ramifications of your decision. To begin, you may opt to ask for or pay out
alimony. This means that you will get or pay payments that are equal for a period
of at least ten years. This is beneficial to the payer as it is tax-deductible;
the payee is subject to taxation on alimony.
For couples with children,
child support will now become an issue in many ways. For taxation purposes, it is neither
taxable to the payee nor deductible by the payer or payee.
In some cases an ex-spouse will still be eligible for Social Security benefits.
If the marriage lasted for a minimum of ten years, the beneficiary spouse
is at least 62 years of age and unmarried, the ex-spouse is eligible for
For couples that have
joint custody, the parent that pays more than half of the cost of maintaining a household
and their child lives with them for more than half of the year, he or
she can claim head-of-household status. That parent does not even need
to claim that child as a dependant to have this special filing status.
Contact us to learn how your divorce could impact your taxes by speaking with a
Jacksonville family law attorney.