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Tag: Divorce

Divorce and Taxes – Expect Changes

Undoubtedly, taxation and divorce are among the most unpleasant aspects of life. If you combine both of them, you might be shocked to learn how difficult the consequences are.

Many people believe that since they pay child support, they are entitled to subtract the amount from their income tax-free or claim the child as a dependent. You can also hire the best mediators who are well experienced in handling divorce accounting and tax issues.

A Deep Dive Into Divorce and Taxes in the U.S.A.

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The custodial parent – the parent who is the primary caregiver for the child for the majority of the time, according to tax laws is entitled to declare their child's name as a dependent and get the deduction in proportion, unless the parents decide otherwise. Additionally, the payment of child support doesn't count as income tax-deductible and is not tax-deductible by the parent who provides the amount.

Parents are not able to share a single deduction. This is why it's crucial that parents discuss and decide who will be eligible to claim their child as dependents. In most cases, if there are two children each parent can declare one child as a dependent and they can alternate seasons if there's just one child or a varying number of children.

Additionally, the parent who is custodial can declare themselves as the head of household, which is a better situation than filing as an individual.

Maintenance payments, sometimes called alimony, are intended to provide support for spouses. The person who pays maintenance gets an exemption from tax on the amount paid, while the recipient is taxed for the support. Tax money can be saved when income is transferred from a tax bracket to a less tax-paying bracket. 


Divorce lawyers in Mississauga: What is their role?

In Mississauga, divorce lawyers can be described as legal professionals who specialize in legal separation issues such as annulment, divorce, and dissolution. Many of them are family lawyers who specialize in issues related to family and marriage such as adoptions or wills. To protect their legal rights and to reach an amicable settlement, it is a good idea to hire a separation attorney in Mississauga who is experienced in the process of legal separation.

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In Mississauga, after being hired by the divorcing parties, the primary function of a divorce lawyer will be to process the divorce papers. Sometimes a couple may agree to divorce. In these cases, the lawyers can be approached jointly for advice and support. In a contentious divorce, only one party can consult the lawyer. The petition can be served on the spouse who signed the request for divorce after the petitioner has written and signed it.

This area of expertise focuses on the arbitration of a settlement. If a couple decides to end their marriage, this is one of their main areas of expertise. The settlement will cover the payment of alimony and the division of assets. It also includes discussions about child custody and support. A prenuptial agreement may be negotiated by divorce lawyers.

If a couple has fertilized embryos after infertility treatment, each spouse should have a divorce lawyer involved in the decision about these embryos. Divorce lawyers can represent their clients when it comes to contentious divorce proceedings.