What's it like to be happily divorced?In my city, I passed a billboard several times along the highway. Its caption read "When you're an apple and they're an orange." It was for legal services and I must admit the advertising was effective.
So what does it cost to be happily divorced? They're typically the legal fees, many times separate tax return fees (since it has probably been years of filing together and suddenly not) to report on what is single filing status for each (yes, I'm aware of head of household status too). The IRS requirement for filing is determined largely by the legal status on the last day of the year. Consider also that the divorce may drag from one tax year to the next and so the year prior to the divorce being finalized may see both parties filing as married filing separate.
The point is there is a lot to untangle when till death do you part is now till the ink is now dry.
I've had to handle a number of tax returns for clients going through a life changing event which comes about as a result of divorce. The cost many times goes beyond what you originally imagined such as needing to sell the home for division of assets and more.
To start over again requires considerable planning and expense. Should you need us in that situation, we do have experience handling the division of assets and tax reporting.
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 06/16/2011