Tax Consequences of Illinois Divorce

Divorce affects every aspect of one’s life, from the physical to the emotional to the financial. It is the latter, however, that can sometimes surprise people, and the tax consequences can be the most shocking of all if someone is unprepared for them. While divorce may be the best option for you and your spouse, it is nonetheless important to be prepared for the potential financial changes that may occur. Tax Brackets and Details Most married couples choose to file a joint return, and if you are still married on December 31 of a year, you may file jointly for that year – even if your proceedings are in motion on that date, unless a divorce decree has officially been issued, you are considered married. Once your divorce is final, however, you must file as a single person, and this can sometimes mean a change in tax brackets, though property division is usually tailored to try an avoid that. Issues also may appear when dealing with details such as exemptions or refunds -…

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