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Top Ten Tax Tips for Divorce

  • Tax Controversy, Taxation
taxpayer filling in individual income tax return1

By Yvonne R. Cort 

In the stressful time surrounding the breakup of a marriage, it may seem like taxes are the last thing to think about. However, knowing the tax effects of your choices during a divorce by obtaining professional advice can lead to better decisions in divorce negotiations and lead to a less stressful and happier financial future. Consider these valuable ten tax tips at all stage of the divorce process and you could be well on your way:

TIP #1.
You may be eligible for innocent spouse relief. If you and your spouse have been assessed for tax on a jointly filed tax return, you can apply to the IRS or NYS Department of Taxation and Finance to request that only your spouse be liable for the tax.There are many factors to evaluate, including among others, whether you knew or had reason to know about the under-payment or under-statement of tax at the time the return was filed, whether you had control of the household finances during the time concerned, and whether you are currently enduring financial…

 
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