Believe it or not, tax season is right around the corner. As family law attorneys, when our clients near the settlement of their divorce matter towards the end of the year, we are often asked how taxes will necessarily be filed if the case is (or is not) finalized before the end of that year.

Your marital status at the end of a calendar year determines your tax filing status. That is, if you are divorced on December 31, 2024, you cannot file your 2024 tax return as “married.” More often than not, the parties to a divorce matter prefer the “married filing jointly” (“MFJ”) tax status. MFJ is usually (not always) a more favorable filing status for all parties involved. If this is the case, we will work with our clients and opposing counsel to finalize or “prove up” the case before the end of the calendar year.

However, Family law attorneys are not tax professionals. We cannot opine on tax issues; only a licensed CPA can do so. If you are uncertain as to what tax filing status is most beneficial for you, contact your accountant. They should be able to lay out multiple tax filing scenarios for you, so you may determine which is most favorable to you. This may be a factor you take into consideration when attempting to resolve your divorce matter, including determining the timing of the same.

There are several other factors that can affect your decision on how to file your taxes: the sale of property, if you have children, who plans to claim your children on future tax returns, capital gains, etc. Be sure to work together with your family law attorney and CPA to determine the best outcome for you and your family.

Victoria R. Paton, Of Counsel
For more on Ms. Paton, please visit: https://www.beermannlaw.com/team/victoria-r-paton.