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St. Charles family law attorney divorce

As the 2021 tax filing deadline approaches, you may have questions about how your recent divorce will affect the filing process. The financial aspects of divorce can have a variety of tax implications, one of which is the filing status you will use when completing your tax return. Depending on the situation, you may have options when it comes to your filing status, which in turn can significantly impact your tax obligations.

How to Determine Your Filing Status

If you have recently begun or completed the divorce process, your 2021 tax filing status may depend on several factors, including the date of your divorce and the terms of the resolution. In most cases, your filing status will be one of the following:

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Joliet divorce attorney spousal support

When you are going through a divorce, you may feel that you have enough on your mind simply trying to arrange for a fair distribution of marital property and make the case for spousal support. Other financial implications of your divorce, like the way it can affect your taxes, may often slip through the cracks, leaving a lasting negative impact on your future. However, with the assistance of an experienced divorce lawyer, you can plan for the effects of divorce on your taxes so that your financial situation remains secure.

Tax Implications of Divorce in Illinois

There are many ways that your taxes can be affected by a divorce, so this is by no means an exhaustive list. However, three common ways that taxes can come into play during the divorce process include:

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Kane County divorce lawyersWhether you have been married two years or 20 and are now going through the process of divorce, you should be aware of how that divorce will impact how you file your taxes going forward. Unfortunately, filing your taxes will not go back to the way it was before you were married, when you filed as single and only had a W-2, or maybe two of them. Much is changing and knowing what to expect the first time you file taxes after your divorce can make the process easier.

Determining Your Filing Status

Your filing status will be based on your marital status as of December 31st of the filing year. If you are filing your taxes for the 2018 year, then you would file as single if your divorce was final on or before the last day of the year. 

There are other factors to consider, such as who is deemed the custodial parent. The custodial parent, because they usually have the children for a larger percentage of the time, can claim Head of Household. This filing status is helpful in many ways.

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