When you get married in New York, you’re eligible for extra tax breaks that you didn’t get before. Once you get divorced, those tax breaks go away. However, you might still be able to claim a deduction on your taxes if you file at a certain time.
How can divorce affect your taxes?
Technically, you’re still married until the court issues a divorce decree. If this doesn’t happen before the year is over, you could still file a joint tax return, even if you filed for divorce in the same year. This might allow you to claim a higher deduction since you can claim both you and your spouse’s income.
If you don’t want to file a joint return, you could also file as a head of household. This allows you to claim a higher tax deduction than an individual tax return. However, you’ll have to meet a few qualifications beforehand. You’ll need to have at least one dependent and pay over half of your household’s costs. Additionally, you and your former spouse don’t have to be officially divorced, but you’ll have to be living separately for the last six months.
You should also keep in mind that once you’re divorced, only one of you can claim a child on your tax returns. If you have two children, you can each claim one child. But if you have one child, only one of you will be able to receive the tax benefits. An attorney may be able to assist you with the finer points of tax considerations and divorce.
How may an attorney help you financially?
When it comes to your finances, filing for divorce can be one of the most stressful times in your life. An attorney may work to help you manage your finances and come out ahead when the divorce is finalized.