Divorce and Financial Planning - Part 6
Last but often not least, be aware of the changes in your tax situation because of your recent divorce.
For some suddenly singles, taxes increase, while others see tax windfalls as a result of a divorce.
If you were the higher income spouse prior to your divorce, you may see an increase in your overall taxes.
Single rates are generally higher than married rates.
Often, the first filing year can result in a rude surprise at tax time.
If you were the lower income spouse or if you have exemptions for children, credits for child care and so forth, you may see less taxes as a single adult. In particular, custody of one or more of the kids can result in a favorable head of household filing status.
As soon as your divorce is considered, consult your tax advisor.
Even during the negotiations these matters should be considered.
Don't leave this important planning step to chance.
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