Tax time is rapidly approaching and having the proper tax professionals advising you during a separation or divorce is important. Having those tax professionals working in conjunction with your attorney is a beneficial partnership as well. Frequent questions that we hear and that are important to ask your tax advisor include: Is my spousal support taxable or tax deductible? Is child support taxable or tax deductible? Who can claim the children as dependents for tax purposes? Are any portion of my attorney fees tax deductible? Who can claim the mortgage interest on the marital residence during a separation? If I received retirement benefits from my spouse, do I owe taxes? We are not divorced but we are separated, how should we file? How should tax liabilities and/or tax refunds be allocated? Understanding the financial impact of taxes on the overall divorce/separation scenario is a key component of negotiating and/or presenting a case to a court to decide. Partnering with the right tax professional and attorney can help.
