Filing Taxes after Marriage: What You Need to Know

 Posted on December 15, 2014 in Child Support

The end of a marriage always brings a number of serious changes to one's lifestyle, social circles, and personal finances. One of the first steps after the process completes is adjusting to a single income. Additionally, when tax time arrives, divorcees might run into a series of new challenges.

Every person's finances and taxes are unique, which is why, according to Money Crashers, one should always consult an accountant before filing. Consulting a family attorney may also prove helpful—even before the divorce completes—because a divorce lawyer can provide some insight into how the process affects taxes.

How the IRS Views Divorcees 

The IRS has very straightforward policies when it comes to married and unmarried individuals filing taxes. For recent divorcees, the time at which they are legally considered single is the most immediate.

The IRS views whatever the current marital state is by the end of the year when determining whether or not an individual is single. Even if a couples was married for the greater part of a year, if the divorce completes before the first day of the new tax year, the IRS considers the filer single. If a divorce is not complete by this day, the IRS will consider the filer married.

Claiming Dependents and Filing as the "Head of Household" 

In marriages with children, claiming dependents is one of the first concerns for divorcees. There a few rules regarding this, which do take custody into account.

If the children are dependents, they must have lived with the individual claiming them for more than half of the year in question. The "head of household" must also demonstrate that he or she is paying for the majority of the home's cost.

Regarding Alimony and Child Support 

Many spouses consider winning alimony a victory, but some are not aware of the fact that this source of money is taxable. On the opposite side, a spouse paying alimony will be able to claim the amount paid on his or her taxes. Child support, however, is neither taxable nor deductible.

For an experienced, capable, and compassionate Illinois family law lawyer, trust the Illinois law office of Stock, Carlson & Asso. LLC. We offer legal services for families dealing with divorce, child support and custody, property division, marital financial concerns, and more. Call us today at 630-665-2500 to schedule a consultation.