End of the Year Divorce Decisions

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With 2011 coming to an end, some couples that have been separated for a year are trying frantically to have their divorces granted before January 1, 2012 to help save on income taxes.  Basically, when income levels are similar, and a married couple files jointly, taxes can be higher than two people who file as single individuals.  When a married couple files separately the rates are usually higher. 

Unfortunately, if you have waited until now to file the appropriate paperwork  it is too late to have the divorce granted before 2012.  If you have filed your paperwork, the appropriate time has passed, and your divorce was granted then you will no longer have to file as a married couple, which could be beneficial.  If you have waited around without hiring a divorce attorney to do your work for you there is a chance your taxes will take a hit.  Ultimately, calculations should be prepared under both scenarios by your tax advisor.  I encourage you to contact your tax advisor before making these decisions and be sure to plan ahead next year!

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