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Couples seeking divorce shouldn't forget about their taxes

When going through a divorce, Pennsylvania couples are faced with a broad range of decisions to make, as well as various properties and assets to divide. These decisions sometimes come all at once, and in a rather short amount of time. When a divorce is going badly, with one or both parties frustrated or angry with the other, these decisions can be even tougher to make. In these circumstances, some decisions may be overlooked or rushed when they should really be considered just as carefully as every other.

One problem area is filing taxes. Many couples may procrastinate on changing their filing status from joint when they were married to separately after divorce. This, together with an uncooperative ex-spouse in handing over their tax records, can lead to trouble when tax time comes around and one finds themselves in need of this information. Some couples even continue to file jointly, which leaves potential for one ex-spouse to be liable if the other finds themselves in tax trouble.

When children are involved, the process becomes even trickier with the added criteria of claiming dependents. Only one parent can claim each child as a dependent on their taxes, which may cause tension in the case of who gets to claim the child. Overall, Pennsylvania parents benefit from careful consideration of all factors involved in their divorce while going through the process, so as to ensure each spouse receives a fair settlement with neither spouse left in potential financial ruin and no unnecessarily harsh feelings are left between them especially if children are involved.

Source: Business Insider, "Divorced Couples Are Walking Right Into These Tax Traps," Mandi Woodruff, April 3, 2012

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