Impact of Divorce on Your Income Tax Returns Can Be Costly

Tax (Photo credit: 401K 2012)
When a couple faces divorce, the IRS and taxes are probably the last things on their mind. Divorce, however, carries tax implications that, if ignored, could cost you plenty down the line. The following covers a few basic facts you should be familiar with regarding taxes and your divorce. Because of the complicated nature of these areas, though, it is advisable to consult your financial advisor as well as a divorce attorney before taking actions. If you are a Hunterdon County resident seeking a divorce, the family law attorneys at The Rotolo Law Firm of Lebanon can be of assistance.
Essentially, there are two types of family support payments associated with divorce – alimony and child support – and both have different tax implications.