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Divorce leads to important tax changes

During the transition from married life to single life, the changes can be overwhelming. Amid all of these changes during the divorce process, it can be easy to forget some critical yet subtle pieces to your financial puzzle -- taxes. A couple of important tax changes will take place after the divorce has been finalized in the state of Texas.

One noteworthy tax change following the dissolution of a marriage is the filing status. The tax filing status is based on one's marital status on Dec. 31. Following a marital split-up, the appropriate status will be either head of household or single. Head of household has extra requirements for maintaining a household for children, with the household being used as the children's primary residence for over 50 percent of the tax year.

Yet another important tax change involves homeownership deductions. In some cases, one spouse keeps the home, while the other spouse still helps to pay the mortgage. The actual amounts of money paid for this mortgage, as well as ownership of the home, determine which spouse will be able to take advantage of the homeownership deduction and how much the deduction will be.

The process of getting a divorce in the state of Texas can be relatively complicated, especially for those with many assets to split. It can also be difficult to navigate for couples with some high-value assets. An attorney can provide guidance through this process to ensure that one's best interests are protected at all stages of the proceeding.

Source: wtop.com, "5 things women should know about taxes after divorce", Dawn Doebler, March 22, 2017

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