Tag Archives: divorce and taxes

IL divorce lawyerPeople often think that only celebrities and the very wealthy go through high net worth divorces. While it is true that these are the stories picked up by the news outlets, high net worth divorces are much more common than people think. Owning multiple real estate properties, complex retirement savings, and more common factors can result in a divorce being classified as one that involves a high net worth.

High asset divorces are much more complex than other divorce cases, and mistakes are sometimes easily made. If you are going through a high net worth divorce, avoid making the most common mistakes and protect your rights.

Not Working with Professionals

Going through a divorce without professional help is not generally recommended. When a divorce involves a high net worth, however, you must work with professionals. You should work with a financial adviser that can help you sort through complex issues such as pensions or business valuations. You should also work with a lawyer that can explain Illinois’ property division laws and more.

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IL divorce lawyerThere 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.

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