For many people, tax season brings a lot of uncertainty and anxiousness. If you have recently gone through a divorce, it may create even more frustrations, especially if you and your former spouse have children together. Here are some things you should know:

• An accountant is a solid financial investment. There are a number of deductions that you may be entitled to during and after a divorce. Also keep in mind that many divorced spouses think that an alimony obligation is automatically tax deductible. This depends on the type of alimony that is being paid. Filing for a deduction when you are not entitled to it can result in costly penalties and time-intensive amendments to your tax filings. Make an appointment with an accountant or a tax lawyer to discuss your options.
• When you divorce determines how you file. The IRS cares about one date when you file your taxes: December 31^st. If you and your spouse were still married on December 31^st, then you may still file jointly for that tax year. But keep in mind that if you and your spouse are going through a divorce at tax filing time, how you file your taxes may be a matter for the court… or, at least, if you file in such a way that it costs you or your spouse more money in taxes than it would have been if you had filed jointly, the Court can and and often does assess that cost to the party choosing not to file jointly at the final hearing. Our Nashville divorce attorneys can help you determine your status so you can discuss those options in full with your accountant.
• Only one of you can claim your children as dependents. It is usually the parent who receives the child support who makes the claim, but it does not have to be. One way to avoid any problems in this area is to outline who claims dependency in your Parenting Plan. Expenses like healthcare and tuition may entitle you to additional deductions that an accountant can help you with.
• A Qualified Domestic Relations Order (QDRO) can help you avoid penalties on your Retirement Plan. Taking money out of your 401k plan as property division will mean you pay a fine – unless you have a qualified professional draft a QDRO. Make sure you speak to your family law attorney about the requirements for this, and your accountant about the tax benefits.

Tips for a successful tax season

When you make your appointment to have your taxes done, you should speak to your ex first, to make sure you are both on the same page. Make sure you bring a copies of your divorce documentation as well as any financial records affected by the divorce. Tell the truth about claiming head of household, too, to avoid getting audited next year.  And, above all, if there is a provision in your Marital Dissolution Agreement about who gets what deductions for dependents, alimony, etc., you must follow those provisions to the letter.

The Nashville divorce lawyers of Miller Upshaw Family Law, PLLC don’t give tax advice, but we can help you get the right documentation together before you see your accountant. If you are thinking about getting a divorce in Tennessee, please contact our firm to discover how we can help you.