When people work through the divorce process, an array of questions and challenges may arise. In Florida, separating from a spouse can cause stress and result in each party financially in various ways. For example, your marital property may be split up, or you may be forced to pay spousal support. However, it is crucial to be aware of other ways that splitting up with your spouse could impact you, such as affecting your taxes.
Divorce can indeed result in a number of obligations when it comes to your taxes, according to the Internal Revenue Service. For example, if you changed your last name, you have to make sure that it matches your name as it is listed in the Social Security Administration’s records, or your refund could be delayed. If you received alimony, also referred to as spousal support, you should also understand that payments received are taxable. On the other hand, if you are obligated to make alimony payments, you should know that these payments can be deducted.
If you have children, divorcing your spouse can cause even more uncertainty and additional matters, such as custody and child support, may arise. However, some of these child-related issues do not need to be taken into consideration when preparing to file your tax return. For example, you are not required to pay taxes on child support payments that you received. Furthermore, you cannot deduct your child support payments.
This post is not a substitute for legal help and was arranged to provide general information on divorce and taxes.