Divorce and Taxes 

Just wondering if I am the only one who has recently realized that it would have also been a good idea to get advice from not only an attorney, but also a tax attorney? Divorce in itself can be quite costly, but I did not realize how it would completely affect my financial situation until during or after the tax season.

There are great tax implications in divorce as well. Not only as having to file a final tax return together – but having to file singly after the divorce and determining who gets the benefit of dependents on their tax return. But even greater is the capital gain on any property sold, such as a home. While most often taxable property is exempt during a divorce, you cannot assume that this will always be the case.

I would advise anyone to seek information from a tax attorney or accountant before or after experiencing a divorce to determine how to properly file your taxes. From my experience, this will save you a heap of trouble when it comes time to filing.