Tips for handling tax filing during divorce

On Behalf of | Feb 5, 2022 | Divorce |

The process of getting a divorce in Missouri brings with it changes in many aspects of life, and tax filing is one of them. Fortunately, handling the first tax filing during or after divorce does not have to be intimidating. Here are a couple of pointers for divorcing individuals wondering how to go about filing their tax returns in 2022. 

Choosing a CPA 

If two divorcing individuals have used the same income tax preparer for years due to filing jointly, it may be wise for each party to start fresh with a brand-new CPA. This will allow them to fully break away from each other when it comes to their financial affairs. The previous CPA ideally should have no problem with forwarding both parties all of their previous tax returns to give to their new tax preparers. 

Filing status requirements 

Once a divorce is final, the parties can no longer file their taxes jointly. While a divorce is still pending it is still possible to select married filing jointly for their taxes. But there’s another option that may make sense.  They can choose the status of being married yet filing separately. The benefit of this filing is that both parties will not be legally responsible for the other party’s incurred debt or any fraud that he or she has committed, for example. For those whose divorce is finalized, they must select the filing status of single or head of household, as applicable. 

Seeking the help of an attorney 

In addition to securing a CPA, a divorcing individual would be wise to consult a divorce attorney when ending a marriage. An experienced attorney can help a client to make expedient decisions regarding divorce-related financial matters, such as debt division, asset distribution and even spousal maintenance. With so much at stake financially in many of these cases, having this level of support and assistance available can greatly increase the odds of preventing any costly mishaps involving tax legalities.