Tax Questions after a Virginia Divorce (Part A)

If you are thinking about a divorce, or are already in the process of getting a Virginia divorce, you'll want to consider the tax implications of dividing your shared assets, as well as other issues that may arise.

Filing your taxes for the first time after a change in your marital status can seem like a huge obstacle. If you work with your attorney and tax advisor early on in the process, you will be able to familiarize yourself with some of the issues that may surface when you file your taxes after Virginia divorce. Making informed decisions is the best way to protect your financial security and that of your children.

Options For Filing Income Taxes after a Virginia Divorce

The first issue to work through will be determining your status for filing taxes after Virginia divorce.

During and after a Virginia divorce, you have 4 filing options, including:

• Single - this is the best way to file taxes after Virginia divorce if your divorce has been finalized or if you are legally separated by the last day of the year for which you are filing taxes.
• Married, filing jointly - whether you are living with your ex or not, this is a filing option for you if you are still technically married at the end of the year; if you and your husband are able to cooperate with each other, filing jointly will help you save some money in allowable tax deductions.
• Married, filing separately - if you find yourself in a situation where you are still married on December 31, but you are not communicating with your ex, or have an otherwise strained relationship, filing separately is probably the option for you.
• Head of household - speak with your tax advisor or attorney if you want to file taxes after Virginia divorce as head of household.

You'll need advice because a few factors can determine your eligibility to file as head of household.

You may file as head of household if you:

• are legally separated or divorced;
• paid more than half the cost of keeping a home for the year; and
• provide more than half the care for a dependent.

There are some instances when it is possible to file as Head of Household even if you are still legally married. Your tax advisor can help you determine if you qualify.

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What Every Virginia Woman Should Know About Divorce is full of thoughtful steps and practical tips that will help you during your separation, divorce, or child custody case including:

-- 20 guidelines for "separation under the same roof"

-- 13 critical factors used to determine spousal support

-- 3 types of property classification recognized by Virginia courts

-- 10 factors your judge must consider in a contested custody case

-- a formula to determine your percentage share of his retirement benefits

-- 38 Financial Records you should be aware of

-- 20 steps to prepare for divorce

-- 7 stages of divorce

-- 40 age-appropriate books about divorce for children

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