Who Claims Head of Household When You Divorce?

With so many things to remember to have written into your divorce agreement, many separating couples forget to discuss with each other how their taxes will be impacted. When you and your spouse choose the collaborative divorce process, you are paired with a team of experts such as mental health, divorce coaches, professionals, attorneys, and financial neutrals. One of the roles the financial neutral plays is to speak to both of you about what your future will hold in regard to tax liabilities and what each person is expected to claim and not claim. One of the common questions is […]

Divorce and Taxes: Who Gets to Deduct What?

Divorce and taxes can be two stressful situations to deal with and most couples are unsure how to complete their taxes once their divorce is finalized. The good news is when you and your spouse opt for a divorce through a collaborative process, you are supported by a team of experts, one of which is a financial neutral who can help you wade through and weigh out the financial changes that will occur, including your tax liability after your divorce has been finalized. Typical child expenses that concern divorcing parents include the following: Whomever your child lives with the most […]

How Does Divorce Affect Your Taxes?

When you find yourself moving forward with a divorce, it can feel like you have a tsunami landing on top of you! There are so many moving parts. The good news is that if you and your spouse choose the collaborative process, you can work through your financial landscape in a non-adversarial, no-court method. You may also choose to have a neutral financial advisor who can help both of you develop a financial agreement that is agreeable to both of you. Often, we see couples who are divorcing that have not considered how their taxes will be impacted. And when […]