Our friends at Askey, Askey & Associates CPA (with offices in Leonardtown, La Plata, and Waldorf, Maryland) just sent their newsletter, which is always a good read. It has a very good article covering this topic – when parents divorce, who gets to claim the kids on their taxes? This is an important topic as it can be worth quite a bit of money.
Normally, the legal issue of who can claim the children will be something your lawyer will deal with during the divorce. Any separation agreement or divorce decree will usually address the issue of who gets the kids at tax time. You should be sure to discuss this issue with your divorce lawyer.
This does not necessarily turn your children into bargaining chips. The tax deduction for children is a serious tax matter and can significantly affect your taxable income. It is only wise to consider how it will be allocated in your divorce settlement.
We are NOT accountants and do not pretend to be. For the tax related details, you should read the original article over at Askey, Askey & Associates. Or call them for assistance.
Find out what you need to know about divorce in Maryland. Click here to see our Free Legal Consumer Guide on divorce and get answers today. And to find out what you need to know about child custody in Maryland, click here for our Free Legal Consumer Guide on Child Custody.
Know your options. Be informed. Protect yourself.