Dark FlowerWhen couples decide to divorce or separate, they likely must address various financial details related to their partnership. Depending on how complex a couple’s finances are, carefully unwinding the tax intricacies may require a number of steps. If you are experiencing a divorce or separation, we understand how challenging these times can be. To help guide you, we’ve compiled some guidance on how to manage your taxes during the process:

1. Make any name changes: If you are changing your name, you need to update your personal information with the Social Security Administration (SSA). The name you list when submitting taxes to the IRS must match the information the SSA has on file. Find more information on the SSA website.

2. Report any alimony you receive: Spouses that receive alimony must report this income to the IRS for the year they received the money. Also, be aware that alimony does not have tax withholding and may affect how much you owe in taxes when you file.

3. Claim child support correctly: Former spouses or partners that make child support payments cannot include these amounts in their alimony deductions.

Other details may apply, and you can find more information on the IRS website.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax advisor.

Tip courtesy of IRS.gov