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Personal Finance Considerations and Strategies

This column is updated every business day or thereabouts, so check back often for more Personal Finance Considerations and Strategies.

Taxes in the Fall -- Part 4

A final implication of a current year divorce involves claiming exemptions for the children of the marriage.

The rules in this area are very structured in the Internal Revenue Code.

If one parent has custody of the child for the greater part of the year, this parent is entitled to the exemption.

However, the spouses can enter into a multiple support agreement that allows the child to be claimed by a taxpayer other than the custodial parent.

It is also allowable for the custodial parent to release the exemption to the noncustodial parent for some or all years.

If these issues were not addressed in your divorce, make certain to address them with your ex-spouse.

Failing to do so could result in an IRS inquiry.

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(Please note that these columns are written several weeks in advance so publishing it will be delayed accordingly.)

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