Home > News
Although taxes aren’t usually the first thing on a couple’s mind when they’re going through a divorce, divorce experts say it’s definitely something that should be considered.
Divorce can be a difficult thing to go through, but there are ways in which a couple can put less financial and mental strain on themselves in order to ease the strain.
Money and Divorce
According to divorce practitioner, Clay Caldwell, the first thing a couple that’s divorcing needs to do is reach an agreement with one another regarding money issues.
“It’s very easy to lose money if a couple isn’t communicating,” explains Caldwell.
Deciding the Best Way to File Taxes
Caldwell says there are three options for couples to choose when filing taxes and filing as “Head of Household” will save you the most money.
However, in order to qualify for this option you must pay more than the cost of keeping up the home and a child must be living with you.
Who Gets the Children?
Before deciding who gets the children, couples should first figure out who makes the most annual income.
The person who gets custody of the child typically gets a dependency exemption, which could supposedly amount to about $3,000 per child.
(Source: Fox Business)
Are you considering getting a divorce? If so, please contact us to speak with a divorce attorney who will enable you to receive the best legal advice possible.