Menu

Changes to taxation after a divorce

Colorado couples who decide to divorce are often concerned primarily about an array of emotional and personal factors that led to the end of a marriage. However, divorce is a financial and legal arrangement that can have significant consequences for many aspects of a person's life. While people are often aware of the impact of property division, they may not consider how their income taxes might be affected by the choice to divorce. Of course, people will have to file as single rather than married after the divorce is final.

However, for parents in particular, divorce can have other effects on how people handle their taxes. Only one parent each year can claim a particular child as a dependent. The advantages can be significant, including access to Head of Household filing status as well as tax credits. These credits include the Child Tax Credit, Child and Dependent Care Tax Credit and the Earned Income Tax Credit.

Many parents determine who will be able to claim the child as a dependent during divorce negotiations. Some may favor time with the child, while others may favor financial support. However, if the parents do not come to an agreement and both attempt to claim the child, the IRS will reject the return filed second. It can be a cumbersome, complicated process to have the agency determine who is most qualified for the credit, relying on a range of factors and inviting scrutiny of their returns.

When people decide to divorce, an array of otherwise-unexpected issues may emerge. Greenwood Village, Colorado, divorce attorneys can help a client to achieve a fair settlement on various matters, including property division, child custody and spousal support.

No Comments

Leave a comment
Comment Information

Contact Us To Discuss Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

hechlawyers.jpg

Contact

Heckenbach Suazo LLP
7400 East Orchard Road
Suite 3025N
Greenwood Village, CO 80111

Phone: 720-644-8142
Fax: 303-858-8001
Greenwood Village Law Office Map

Review Us
top