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Tax Implications of Your Divorce on Long Island

by | Jun 19, 2018 | divorce

For many Long Islanders, taxes are a sizable factor when considering their yearly budget. As we are all aware, living on Long Island is not inexpensive. As you progress through your divorce, it’s important to understand how your taxes will be affected. Ensuring you understand the repercussions of certain decisions made during your divorce will help you maintain a healthy post-divorce financial life. While it is well understood that a divorce changes your overall financial situation, the specific aspect of its impact on your taxes can sometimes goes unnoticed.

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Head of Household Status Provides Deductions

Declaring yourself as Head of Household will typically allow you to be entitled to a more generous standard deduction. In order to file as Head of Household, you and your spouse must have been living separate and apart for the past six months of the year. Regardless of whether you or your spouse claim a qualifying child as a dependent, you must have a qualifying child living with you for more than six months of the year in order to file as Head of Household. This means that the child you are claiming, although living with you, may also be the same child declared a dependent by your spouse on his or her returns.

Spousal Support (aka Alimony) Must Be Claimed on Taxes

If spousal support (also known as alimony)  payments are being made to you (the payee), the money is taxable in the year in which you receive the payments. If you are the spouse making the spousal support payments (the payor spouse), you can deduct these payments. Usually, these payments must be made pursuant to a Court Order or Stipulation of Settlement.

Child Support Payments are Not Taxable or Deductible

Payments made as and for the support of any child(ren) of the marriage are not tax deductible or taxable. Whether you are receiving or paying the child support obligation, the payments will have no impact on your taxes. The main issue regarding children and taxes is who gets to claim the child(ren) on their respective taxes. In many cases, child exemptions can be sizable, so it’s important to consider all options when finalizing a divorce. Often, parents will alternate the years they claim their child, so that one parent will claim the child in odd years and the other will claim the child in even years. Alternatively, if there are an even number of children, the parents may choose to split them up for tax purposes. This would result in one parent always claiming one child, with the other parent always claiming the other child. It’s important to discuss your options with your Long Island Divorce Attorney prior to reaching a final decision.

Consult a Professional

Taxes during your divorce can become a complicated issue. It’s important to utilize the knowledge that both your Long Island Divorce Attorney and your accountant or tax specialist have to offer. By consulting both professionals, you can ensure that your post-divorce finances are in order for tax season.

Have Questions about Taxes and Divorce? We Can Help

Should you have further questions regarding the tax implications of your Long Island Divorce we can help. Contact our Long Island Divorce & Family Law firm at 631-629-2545 to set up your free consultation with one of our experienced attorneys.

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Everett Roberts
Everett Roberts
14:30 18 Mar 20
Going through a divorce was very challenging and emotional. Searching for an attorney can be challenging as well when you consider everything that is at stake. The choice I made to work with Rob Hornberger was surely the best choice available. His professionalism, expertise, and understanding made him and the entire team perfectly suited to achieve the outcomes I desired. Rob was always available to answer my questions and give me advice and legal considerations that affected my situation. The support I received from his staff was exemplary as well. The staff was courteous, kind, and also very professional. Thank you so much Rob and team for a worry free experience.
Annemarie Cusumano
Annemarie Cusumano
21:41 17 Mar 20
Being in family court especially when your children are on the line is extremely emotional and stressful but working with Robert and Christine put me at ease and made the process as pleasant as a situation like that can be. I have a now 3 year old daughter (who is the most important person in my life) and I've been working with them for over two years since my daughter was 7 months old, the case has been up and down and through it all Rob and Christine have never given up. My original case was due to a neglect charge. Cps is not easy to work with, but Rob and Christine were vigilant and I ended up getting my daughter back within 8 months and did not have to plead guilty to the neglect. Currently I am in family court to figure out a custody agreement. They are professional, empathetic, and patient. They have always explained everything thoroughly, informed me of all my options and advised me of what my best option would be. They always respond quickly when I contact them with questions or concerns and most importantly they fight for me in court and don't give up even when things get rough. Before hiring Rob and Christine I met with other attorneys who did not make me feel confident or comfortable at all about my case, so I am very grateful to have found Rob and Christine and to be represented by such great attorneys. I highly recommend them for any family court matters and will definitely continue to use them in the future if needed.
Steven Frierman
Steven Frierman
02:25 07 Mar 20
After meeting with 3 different lawyers, we felt Robert understood us best and he genuinely had our best interests at heart. This helped us resolve a few minor issues in a timely fashion and make a potentially stressful situation go more smoothly.Thank you
Randi Gottlieb
Randi Gottlieb
18:47 03 Mar 20
Hornberger Verbitsky, P.C. - Mr. Robert Hornberger and his staff are beyond professional, they quickly gave me my consultation appointment, and helped me with an after-Divorce issue. Mr. Hornberger was empathetic and explained to me what I should expect. Mr. Hornberger was extremely professional and advised me of my options, he helped me proceed with accurate and smart decisions. I wish I had Mr. Hornberger and his highly recommended staff when I was getting divorced. I would highly recommend Robert and his staff to anyone who is getting a divorce or in need of help with situations after the divorce!
Rob Spielmann
Rob Spielmann
22:15 27 Feb 20
They made our process so easy. They were there to answer and help with any questions that came up. Very friendly

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