Tax season! Decisions Made During Separation Can Impact Your Tax Returns - Charlotte NC Family Law & Divorce Blog | Hatcher Law Group


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Tax season! Decisions Made During Separation Can Impact Your Tax Returns

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Daniel A. Lewis| Charlotte, NC Divorce Lawyer

 

There’s less than one month left to file your annual tax returns. In the world of family law, there are a number of issues to discuss with your attorney that could impact you. Some of these issues include:

 
  • Filing Status. If you are separated and have not yet resolved your issues, then you should consider how your filing status can impact any additional taxes owed or refunds to be received.
  • Dependency exemptions. If you have children, then you and the other parent need to decide which parent will claim any dependency exemptions available. See Paul DeJesse’s recent blog article, Child Support, Alimony and Income Tax, for more details.
  • Mortgage interest deductions. If you pay mortgage interest, then you need to decide which party will be able to report it.
  • Additional taxes owed due to unearned income or distributions from retirement. If you and/or your spouse received investment income or dividends, or retirement distributions, then taxes will be due on this unearned income that needs to be reported.
  • Payment of past tax liabilities, penalties and fees. If this is a potential issue, talk with your attorney about how this can be addressed upon resolving your family law case.
 

What to do next:

  • If you have a Court Order or settlement agreement, review these documents to see if your tax issues have been addressed.
  • If these issues remain unresolved, or you want to attempt to revise them, then contact us to schedule a consultation with a family law attorney.
  • It is important to consult with an accountant or other tax expert when considering the possible tax effects of a settlement agreement and/or court order.
 

Dan Lewis is a family law attorney in Charlotte, NC. In addition to child custody and child support cases, his practice includes complex equitable distribution and alimony matters.

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