How Your Divorce Might Affect Your Tax Return
Transcript: If you get divorced this year — filing your taxes could soon raise some new questions- and here’s some advice you should pay attention to. For example, divorced parents often ask who gets to claim the children as dependents? It’s something you didn’t have to think about when you were married but you do in a divorce. The attorneys at the Arwani Law Firm have the answers to some difficult post-divorce questions. Children are typically claimed as dependents by the custodial parent – that’s the parent they spend the most time with during the year – but there are some exceptions. Only the parent who claims the children as dependents can also claim the child credit. Either parent can claim medical expenses for the children as deductions. But keep in mind the new changes do not go into effect until next year -January 2019. And you can still take a deduction for Alimony payments.
If you have questions about how your divorce might affect your tax returns, contact one of the family law attorneys at Arwani Law Firm. They have handled complex divorces, and if you are located in Florida, they are confident their team can provide you with the legal assistance and attention that you need AND deserve.
How A Divorce Will Affect Your Debt Payments
Transcript: When you get a divorce in the state of Florida, marital assets are divided between BOTH spouses. But did you know that debts are also divvied up? That can cause major problems for you and your credit if you’re not careful. Just like marital property, which is acquired during the marriage, debts accumulated during that time belong to BOTH spouses as well. That means each person will be obligated to pay a portion of mortgages, car loans and even credit card balances. Fortunately, there are a few ways you can avoid credit issues if you are considering a divorce. Something called an indemnification clause built into your settlement can protect you if your ex-spouse fails to repay his or her portion of the debt. You can also refinance your loans. And it is critical that you keep your name on a loan title until it is refinanced because taking your name off it will not relieve your obligation to pay it.
If you have questions about how a divorce will affect your debt payments, you can contact the family law attorneys at Arwani Law Firm. They have handled complicated high conflict divorces, and are confident their team can provide you with the legal assistance and attention that your case requires.