Home»Divorce and Taxes»Getting Divorced Before Year-End? Here’s Why You Need An Accountant

Getting Divorced Before Year-End? Here’s Why You Need An Accountant

Many couples that visit our website to read our online divorce reviews are in the planning stages for a divorce at the beginning of the year. To them, it’s much easier to wait until you share very little financial data to make a clean break, and to an extent, they’re correct.

However, you and your spouse may not be in the position where you can afford to wait. If that’s the case, then you want to file as soon as possible, and if there is a chance that you’ll be divorcing before year-end, then one of the first things you’ll want to do after the forms are final is find an accountant. Why?

Because, for starters, divorce complicates taxes.

Preparing and paying taxes in a way that doesn’t put you at risk for an audit is hard enough to do on your own when you have substantial debts and assets or own a business. Throw in a marital rift before the end of the year, and you have a very complex situation that demands the expertise of someone who is trained to deal with such a matter.

While most tax accountants are equipped to handle this sort of thing, you might want to take the following steps to ensure that the process goes smoothly.

  • Keep clear financial records of how debts and assets are divided per the order of the court. You will owe tax liabilities on properties that end up being transferred to you, provided that you sell the asset. You will also be able to claim tax deductions for any support that you provide in way of alimony, but not for child support.
  • Be honest about exemptions. If your child lived with you five months and your ex seven months, then you’re probably not going to be able to claim the child as a dependent so don’t even try. After all, it’s not like your ex will forgo filing their taxes, thus allowing you to get away with it.

If you are ready to get a divorce and aren’t sure whether to go the attorney route or with a DIY service, stick around our online divorce review site and read up on your options.


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