Reginald Black

Feb 20, 2017

I can\'t say enough about Kathleen Gingrich. I needed her services at a very difficult time in my life. She was always available and really listened to me and ...

Deb Hoffert

Feb 08, 2017

I can not say enough great things about this law firm. Everyone is extremely knowledgeable, professional and above all else very friendly. I have never had an issue personally or ...

John Arena

Feb 01, 2017

Peter Russo and the staff at his firm have handled my personal and professional business for almost a decade. His office is extremely professional and efficient. They never forget that ...

rick scott

Feb 01, 2017

Peter was easy to work with and handled my case first class. He was knowledgeable about my case (possible age discrimination) and gave me options on what I could do. ...

Jenn Spears Brenize

Feb 01, 2017

Peter is extremely knowledgeable and aggressive, yet even-tempered. He is professional, diligent, and compassionate, and responsive to his clients\' needs. I never hesitate to send him a referral as ...

Robert Davis

Jul 25, 2018

WERE BACK !! First and foremost Peter has a sense of humor. Peter was efficient and effective and on point when it came to the time line of events. Very important ...

Angela Reighard

Jun 26, 2018

Kara Haggerty was an amazing attorney. She handled my highly toxic divorce with aplomb, carefully and skillfully. Megan was also very helpful. Highly recommend!!

Bob Levin

May 11, 2018

I have been working with Peter for last 3 years and the experience has been worthwhile. He is a man of his word and I would highly recommend him.

Beth Sizer

Mar 22, 2018

I am a grandmother who just wants to be involved with her only grandson\'s life in every way, watch him grow and always be there for him and just ...

Aubrey

Jan 10, 2018

Peter is an excellent attorney! He is caring and effective in his representations.

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Reviews

As Pennsylvania residents move through a divorce, there are a great many items that must be handled. This to-do list often seems to grow, even as spouses complete various tasks and diligently check items off. It is easy to overlook certain matters, and many spouses emerge from divorce with the feeling that they have left some things unaddressed. Taxes are an issue that often fall within this category, and spouses should know that their divorce settlement will impact their tax obligations in the years to come.

The most obvious shift that will take place following a divorce is the change in one’s tax filing status. Many married people file as “married” while their relationship is intact. Once a divorce has taken place, each individual will be able to change that status to “single.” In some circumstances, divorced spouses will be able to change their status to “head of household,” which can bring advantages when tax time rolls around. It is important to note that the IRS only considers one’s marital status as of the date of December 31 of the tax year in question.

Another change that will affect parents is how the tax benefits associated with children will be distributed. There are certain advantages, such as the Child and Dependent Care Credit, that can only be claimed by the custodial parent. Other benefits, such as claiming a child as a dependent, accessing the Child Tax Credit and credits for educational expenses can be shared between parents as they see fit.

These issues should be part of the divorce dialogue, and are issues that can be negotiated prior to reaching a divorce settlement. In some cases, allowing one parent to make use of these tax credits can provide significant tax savings, while not negatively impacting the other party’s tax scenario. Pennsylvania parents who would like to learn more should consult with both a tax advisor and a family law attorney to create a plan for how tax matters will be resolved during the divorce process.

Source: fool.com, “Here’s How Your Taxes Changed If You Just Got Divorced“, Dan Caplinger, Feb. 11, 2016