What could be more of a bummer than taxes? Divorce and taxes. But it doesn’t have to be. It will only be a bummer if you do not discuss how to handle your taxes when you are getting divorced. If you miss this crucial step then divorce and taxes could be a huge bummer. Taxes are an important topic that is often low on the totem pole of things addressed in your divorce agreement. So low, that some people miss it.
That does not happen during divorce mediation at Westfield Mediation, LLC. We cover all the big topics, like a parenting plan, fair and equitable distribution of your marital assets and debts, child support and spousal support (used to be known as alimony). You will know what is happening with your kids, child custody, money, house, retirement funds, credit card debt, how much you pay/receive in child support and/or alimony. But we also cover the small details- like taxes. What happens if a few years from now when you have been divorced for a little while you get audited from four years ago from a time when you were married. Yuck! What to do? You can refer to your divorce agreement and know how to proceed.
The timing of your divorce can also affect your taxes. It matters what your marital status is in the tax year to determine what your filing status is the following April. And your marital status is determined on December 31 of each year. You can be divorced before April 15 in 2023 and still file as a married couple in April 2023 for the tax year of 2022, because you were still married on December 31, 2022. So, should you hurry up and get divorced in December or wait until January? You can also address how is the big refund being shared? What if you suddenly owe an unexpectedly large amount to Uncle Sam? Again…yuck! But it can be a little less yuck because you already figured out what to do in divorce mediation.
For more information on divorce and divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M.Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC at 908.913.0373. View our website at www.westfieldnjmediation.com or email us at [email protected].
That does not happen during divorce mediation at Westfield Mediation, LLC. We cover all the big topics, like a parenting plan, fair and equitable distribution of your marital assets and debts, child support and spousal support (used to be known as alimony). You will know what is happening with your kids, child custody, money, house, retirement funds, credit card debt, how much you pay/receive in child support and/or alimony. But we also cover the small details- like taxes. What happens if a few years from now when you have been divorced for a little while you get audited from four years ago from a time when you were married. Yuck! What to do? You can refer to your divorce agreement and know how to proceed.
The timing of your divorce can also affect your taxes. It matters what your marital status is in the tax year to determine what your filing status is the following April. And your marital status is determined on December 31 of each year. You can be divorced before April 15 in 2023 and still file as a married couple in April 2023 for the tax year of 2022, because you were still married on December 31, 2022. So, should you hurry up and get divorced in December or wait until January? You can also address how is the big refund being shared? What if you suddenly owe an unexpectedly large amount to Uncle Sam? Again…yuck! But it can be a little less yuck because you already figured out what to do in divorce mediation.
For more information on divorce and divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M.Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC at 908.913.0373. View our website at www.westfieldnjmediation.com or email us at [email protected].
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