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How Does Divorce Affect Filing Taxes?

In Separation & Divorce, Wealth by Lisa Eyrolles

If you are going through a divorce, taxes might be the last thing on your mind, and rightly so. But tax season is upon us and your divorce could affect how you file your taxes.  As we head into this year’s tax season, here are some things to consider: Filing Status. Will you file married filing joint (lower tax rate) or file married filing separate (higher tax rate and less tax benefits)? Who Will Claim the Children’s Exemption? If you are the custodial parent and you support the child more than half the year than you are entitled to take their exemption, but it is possible for the non-custodial parent to claim the exemption as long as the custodial parent signs a waiver pledging that he or she won’t claim …