Taxes And Divorce In Dallas
Tax matters can add additional complexity to divorce, particularly when dealing with high income, high-value or hidden assets, family businesses and other property holdings. In these situations, it is in your best interests to have an experienced lawyer on your side with an intimate understanding of taxes and divorce.
Put your divorce concerns in the capable hands of Lisa E. McKnight, P.C. Based in Dallas, Texas, our knowledgeable attorney and staff understand the tax implications associated with divorce, particularly when high-value income or assets are involved. We will thoroughly and painstakingly review your financial and tax information in order to ensure everything is completed to your and the divorce court’s satisfaction. Our goal is to help you resolve your legal needs and minimize taxation as efficiently and cost-effectively as possible.
Understanding Your Tax Filing Options
Understanding the responsibilities, timing and options related to taxes can help you minimize unnecessary taxation during the divorce process. This is particularly true of your filing status, with options of filing jointly, as head of household or as a single person. If you are legally married on December 31 of that year, you may file jointly. This provides the greatest tax benefit. If you are legally divorced by that date, you can file as head of household, the next most tax beneficial, only if several parameters exist:
- You have lived separately for six months
- You have qualifying dependents (children, elderly parents) who live in your home as the primary residence
- You can claim exemption for your qualifying dependents
- You, as head of household, paid more than half the household costs for at least six months of the calendar year
There are, of course, other factors that determine what filing status will be best for your situation. For example, a divorcing spouse may wish to file as a single person, even if he or she has no dependants, if he or she wants to have no liability in his or her spouse’s delinquent activities. Additionally, property and support matters during a divorce may affect tax filing decisions. Our firm can help review your pertinent tax information as well as overall situation to determine what options might be best for you.