Jamie Graham & Associates, PLLC

Post-divorce tax considerations

Divorce in Texas can bring with it surprises that a couple may not have considered. One of these surprises can be dealing with taxes. In most marriages, one person deals with finances and taxes. This has the potential to yield surprises for the person who doesn't take care of those matters after a divorce. There are some pitfalls to be avoided.

While tax season is passed for 2017, there are still some things to be aware of for 2018. First, a person will want to make sure there are no delinquent taxes. If a couple filed jointly, as most married couples do, the couple is deemed jointly responsible for taxes and divorce does not absolve either party of this responsibility. However, the Internal Revenue Code does have a provision for "innocent spouse" relief.

It is also a good idea to project one's tax liability for the 2018 tax season in order to avoid any surprises. If a final divorce settlement has not been reached, it is necessary to try to ensure that all assets and liabilities are disclosed.  This will further aid in making tax forecasts.

Deciding to divorce in Texas is never easy. The financial and tax side of the situation can be very complicated and fraught with emotion. Having a business-like attitude is one way to avoid possible pitfalls and decisions one may regret in the future. Sitting down with an experienced family law attorney and having a confidential discussion regarding these and other matters could prove very beneficial. Reviewing available options with a knowledgeable attorney help bring peace of mind to a very difficult situation.

Source: montereyherald.com, "Tax Tips: Navigating taxes after a divorce", Barry Dolowich, May 1, 2018

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At Jamie Graham & Associates, PLLC, we have received a variety of honors and awards for our family law services. Members of our team have been listed as Top Lawyers in San Antonio Scene magazine. We take pride in the number of positive reviews we have received from satisfied clients. On AVVO, a lawyer rating website, we have received an 8.9 rating overall and many positive ratings from clients and colleagues.

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San Antonio, TX 78205

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