Divorce marks a giant change in your home life, but it also means change in your financial life. Whenever a divorce takes place you must change how you file for your federal, state, and local taxes. Taxes are a complicated matter, but when a divorce takes place a person’s tax issues become even more complicated.
MyDivorcePapers.com understands how divorce affects every aspect of a person’s life, including their taxes. Due to this, we have been busy creating a video series that discuss these topics. The newest video is called “Divorce & Taxes,” which discusses the basic tax considerations you must think of when tax season comes around.
The video serves as a guide to starting your tax discussion with your ex-spouse. The tax video brings up topics like who will pay for taxes, who will receive the tax refund, who will claim any children as independents, and future tax issues. It is important to stay up to date on tax laws in your state. You can find new tax laws and guidelines on the IRS website at www.irs.gov. The IRS has a publication with current federal tax laws called “Publication 504: Divorced or Separated Individuals.”
The institution of marriage intertwines a couples’ finances, which makes detangling a couples’ finances during a divorce that much more difficult. This is why it is important to discuss and draft a divorce settlement agreement.
No one plans on getting divorced, but these things happen. The only thing to do is to make the best of a difficult situation. The MyDivorcePapers.com believes being prepared and informed is the best way to get through a divorce as easily as possible. Visit our site or our Youtube channel for more divorce information today.