After divorce, many people are preoccupied with their bank accounts, possessions, real estate and other financial matters. However, tax ramifications are one of the most essential financial issues when it comes to divorce. Here are some of the most common tax blunders to avoid following your divorce:


Filling Out Forms Incorrectly

This holds true for all tax-related documents, but it is especially true following a divorce. This means you must correctly spell your name, complete all financial details and more. It may seem simple enough, but it's one of the most common blunders. 


Failure to Keep Up to Date on Alimony Tax Credit

Alimony payments are no longer tax deductible, therefore if you pay alimony, you must account for this.


Failure to Divide Retirement Money without a Qualified Domestic Relations Order

If you try to split your retirement money without a proper domestic relations decree, you will risk severe fines.


Failure to Comprehend the Ins and Outs of Child Support Tax Credits 

One of the most essential divorce-related challenges is child support. Typically, the parent who has primary custody of their child receives the child support tax credit, however, if the parents share custody of their child, they may rotate who receives the benefit each year (only one parent can receive the credit at a time). Every year, make sure you and your spouse work out the details.


Rafool, LLC gives dependable, extensive guidance on divorce do's and don'ts to fully safeguard you. Our team of Miami Fl divorce attorneys carefully answer all of your questions and explain the process, the legislation and the rules of procedure so that you know exactly where you stand, what you can and cannot do, and how to respond in the event of an unanticipated situation. 


If you have any additional questions about the tax implications of your divorce, please contact a Miami family law lawyer at Rafool, LLC.