St. Petersburg Divorce and Taxation Issues Lawyers
You will have a lot to think about when going through a divorce and the tax implications of the proceedings may not be at the top of your mind. It is always advised that you speak to a St. Petersburg divorce and taxation issues lawyer who has the necessary experience with complicated tax issues and who can advise you on the potential impacts you may face.
If you wish to change your name after the divorce process, you should notify the appropriate government agencies. Failing to take this step can make it more challenging when filing your taxes. You must also notify the Social Security Administration before filing your taxes. The name on your tax return must match the records at the Social Security Administration. Any dependents who will change their name after divorce must also take these steps.
How to File Your Taxes
How you file your taxes after divorce needs particular attention when going through the process. Of particular importance is your marital status on the last day of the year for which you are filing your taxes. Your marital status will have a significant impact on your tax liability and any exemptions available to you. Spouses are encouraged to calculate your tax liability separately and determine whether how you file will have a significant impact on it. Filing jointly can help you retain some credits and deductions that would not be available otherwise, it could also mean you are liable for your spouse’s tax liability.
The Florida courts prioritize shared parenting, which essentially means that each parent spends approximately the same amount of time with the children and has an equal say when important decisions regarding the children are made. Still, one parent may spend more time with the children than others and so, it is important to discuss which parent will claim the children as dependents on their tax return.
Property Division Issues
Property division issues can also have certain tax implications. For example, if one person is awarded the marital home, they may want to keep it so they can sell it. There are many tax implications to consider when selling real estate and it is important to keep these in mind, as they could have a significant bearing on one’s financial future. Property that has a mortgage, in particular, may have significant tax liabilities depending on how they are distributed.
Our Divorce and Taxation Issues Lawyer in St. Petersburg Can Provide Legal Assistance During Your Divorce
The above tax implications will certainly not affect every divorce case and your situation may involve other tax issues not listed above. At Greene & Greene, our St. Petersburg divorce and taxation issues lawyer can help you understand how tax law may impact you during and after your divorce, and help minimize them so your best interests are always protected. Call us now at (727) 821-2900 or contact us online to schedule a consultation and to obtain the legal assistance you need.