Fried and Fried, P.A.
Consult With An Attorney
Toll free: 888-831-2597
Local: 239-243-9287

Does divorce have tax consequences?

If you have recently gone through a divorce or are contemplating splitting up with your marital partner, you may have an assortment of questions, from alimony to visitation matters. In Lee County, and across the whole state of Florida, divorce could also affect you in other ways. For example, it may have a considerable effect on your taxes, which is especially important to understand during tax season.

According to the Internal Revenue Service, filing for divorce could affect your taxes in a multitude of ways. For starters, if change your last name, your tax refund may be delayed if your name does not match the Social Security Administration's records. Furthermore, your filing status may change, which can also have a huge impact on your tax return. If you receive alimony, you will be required to pay taxes on the payments. On the other hand, if you are responsible for paying alimony, you could be able to have these payments deducted. Unlike alimony, child support is neither taxable nor deductible.

For those who have a high net worth, divorce can be particularly challenging. In addition to the potential tax consequences of divorce, your financial future could be affected in other ways, such as the distribution of marital property. If you thoroughly evaluate your circumstances and take steps to protect yourself financially, you may be able to obtain an end result that is more favorable.

You should note that this write-up was arranged for general informational purposes and does not represent a substitute for legal guidance.

No Comments

Leave a comment
Comment Information

Contact us

Fried and Fried, P.A.
2524 First Street
Fort Myers, FL 33901

Toll Free: 888-831-2597
Phone: 239-243-9287
Fax: 239-337-4693
Fort Myers Law Office Map

Fried and Fried, P.A. Map
Review us

Contact Us For A Consultation

Bold labels are required.

Contact Information

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.


Privacy Policy

Email Us For A Response