Divorce and tax season

Even though bringing your marriage to an end can be tough at any point during the year, certain times may be even more challenging. Heading into the tax season can be especially difficult for some people for an array of reasons. Not only can this time of year bring additional anxiety, but some people may also face financial problems when it comes to paying their taxes. Regardless of the difficulties you are facing, it is essential to look over the unique facets of your life and figure out how you can address divorce-related problems or at least try to reduce the impact of these difficulties.

First of all, it is important to know how divorce can affect your tax return, from changes to your filing status or your last name and many other issues. You should also be prepared for the financial impact of ending marriage, whether you currently depend on your spouse’s income, expect to receive alimony or child support, or will be ordered to pay spousal/child support. Moreover, other financial issues associated with divorce, such as property division and moving to a new home, can also affect you with regard to taxes.

Tax season can be hard for different reasons. Aside from recovering from debt brought on by holiday shopping, some people also have seasonal affective disorder due to prolonged winters and other challenges during this time of year. However, this may be an ideal time for you to move forward in life. Our high-asset divorce page offers further detail on ending marriage.

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