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Divorce

How Will Taxes Affect Me After Divorce?

If you are newly divorced, your tax filing status may change. Reach out to an experienced attorney to learn more about filing taxes for 2019 and how divorce may influence your returns.

When a person is married, he or she may benefit from certain tax benefits based solely on marital status; if a person gets divorced, those benefits may go away. Indeed, you may end up owing more taxes, or get a lower tax refund as a result of your single status. Or, if you are no longer the custodial parent, you may lose out on the child tax credit. Because filing for divorce can significantly affect your taxes, it is critical that you review your options and the current tax laws.

When Did You Get Divorced?

One of the first things to consider when filing taxes after divorce is when you got divorced. If you are filing taxes for 2019 and were still married on the very last day of the year (i.e. you are still married on December 31, 2019), then you will file as married for the 2019 year, even if your divorce is finalized on January 1, 2020. In other words, your marital status on the very last day of the year will control your filing status for the entire year. (Note, however, that if you are still married on December 31, you can file as “married, filing separately.”)

How Might Your Taxes Change if You are Single?

If you are filing as single, here is a look at how your recent divorce may affect your taxes for the 2019 tax year:

Note that in addition to the above, asset transfers, home sales, transfer of retirement accounts, and more may all affect your tax filing status. Again, we strongly recommend meeting with a professional for help if you are newly divorced.

Our Monmouth New Jersey Lawyers Can Help

If you are thinking about divorce and are wondering how your taxes may be affected, reach out to our Monmouth New Jersey divorce lawyers for counsel. You can call us directly or send us a message at your convenience.