Tax season is finally over. But for those couples currently weathering divorce, next year’s tax season may already be a pressing issue. Post-divorce taxes can be unquestionably tricky. In addition, the tax liabilities resulting from certain approaches to property division may affect you for years to come.
As a result, it is important for couples who are divorcing to start thinking about next year’s tax season now. It is critical that you analyze your current income, debts, budgeted expenses and other financial matters in order to see how they will impact next year’s tax liabilities. And it is imperative that you and your attorney talk about how your proposed approach to property division will affect your taxes as well.