Filing Taxes After Divorce
Divorce is often a time of financial strain and confusion. Despite your circumstances, the government will still expect that you file your taxes promptly and correctly. You will need to be prepared to make decisions about tax money you owed before, during or after your divorce.
It is strongly recommended that before any settlement agreement is finalized, that the parties consult with a experienced tax accountant / CPA to review the tax consequences of the agreement and do your tax planning for first year after your divorce. This will ensure that you receive all deductions for which you qualify. Your divorce may finally be over, but the tax effects can continue for years.
Take the time to understand the numbers and how it applies to your unique situation, before you sign your divorce settlement. Secure your future; getting a financially smart divorce also includes properly wrapping up the loose ends (changing your accounts / will/beneficiaries etc.) once the divorce is over.
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