There is a lot to think about when you are going through a divorce. You will likely think about what your family life will look like afterward, and wonder about your own social life. While divorce does bring many changes, one that many couples do not consider is how it will affect their taxes. In Illinois, there are many tax implications that come with divorce, and below are a few of the most common.
Filing Jointly or Individually
Many people think that the minute they start talking about divorce or begin proceedings, they must file their taxes separately. That is not true. As long as the divorce was not finalized prior to December 31 of the previous year, couples can still file jointly. This is because before a judge issues a final divorce decree, a couple is still considered married in the eyes of the law.
Single or Head of Household
After a divorce is finalized, each spouse has the option to claim as single or head of household on their tax return. The option a person chooses will depend on their specific circumstances....