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Tax Implications of Divorce in ND

Divorce presents a host of changes of which you may not be aware, including your taxes. When you get divorced you will see a change in your taxes, as if they aren’t complicated enough, right? How you file taxes, divide refunds, and claim dependents will all depend on you and your partner’s agreement or judgment, date of divorce, and more.

Calculating the emotional cost of divorce is hard enough, ensure you have the right family law attorneys to help you seamlessly navigate through the divorce process, taxes, and other factors you may not have considered before. Gjesdahl Law offers comprehensive divorce legal services to families throughout the Fargo, ND area. Get in touch today and read up on our Initial Contact Questions to see if we've answered some of your immediate questions.

Filing for Taxes & Divorce: What Now?

To avoid any unpleasant surprises on Tax Day, ensure you and your ex-partner are clear on tax issues. Some key points to note include:

  • Define who gets to claim child-related benefits, including the Child Tax Credit
  • Prepare for, and allocate, any capital gains you may earn on the sale of a home (and other joint-property sales)
  • Update your W-2’s as soon as the divorce is finalized
  • Identify how tax liabilities will be allocated
  • Determine how tax refunds will be shared
  • Decide whether to file your last return jointly or individually
  • Notify the IRS of any new filing status

Filing for Taxes During Divorce

Your marital status for tax purposes is determined at the last moment of December 31st of the tax year in question. If you are still married as of that moment, you’ll need to file either “married filing jointly” or “married filing separately” depending on your situation. A family lawyer can help guide your decision, most usually with the help of a qualified tax professional.

Filing for Taxes After Divorce

If your divorce is finalized by December 31st of the filing year, then you can legally file as either “single” or “head of household.” Filing as these statuses means you lose the benefits associated with filing jointly, like filing higher income without being placed in a higher tax bracket, so be prepared for associated changes when you receive your tax return.

Child/ren-Related Tax Benefits

If you’re filing for divorce with children in North Dakota, you and your partner may agree on how to allocate the tax benefits related to your children. Otherwise, the IRS Code or the court will make those allocations for you. Again, involving a qualified tax professional is always a good idea

Considering Divorce?

Our staff of experienced family law attorneys is ready to help you and your family navigate the costs of divorce and all of the new changes that ensue. Speak with a professional today to discuss your options. We’re a family law office dedicated to providing families with the proper support they need to seamlessly transition into new dynamics.

 (701) 237-3009