If you and your spouse in Florida have decided to get separated and are now looking at filing for divorce, there will be many aspects of your final settlement that may have serious financial implications for you. You will want to evaluate each one carefully before coming to any final decisions. Income taxes are one of the things that require a good understanding before you sign your divorce decree.
As explained by SmartAsset, if you and your spouse have minor children together and you will share custody of your children after your divorce, only one of you will be able to qualify to file an income tax return using the head of household status once you are divorced. The requirements for a head of household filing status include having at least one dependent live you with for more than half of the year. You should also be able to show that you have financially contributed more than half of the money needed to maintain a residence in the tax year. Finally, your divorce must have been completed no later than December 31 of the same tax year.
The new tax code has also changed the way spousal support is taxed. Now, the person who pays alimony also pays the taxes, just as with child support.
This information is not intended to provide legal advice but is instead meant to give separated and divorcing residents in Florida some facts to consider as they evaluate their potential divorce terms so they can protect themselves financially going forward.