Divorce

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If I separate and divorce my husband in the next few months how will this affect what I need to do for my taxes?

He works outside the home so we have always filed at the beginning of the year but if I file for divorce I'm not sure what I need to do. I assume that I need to file quarterly but really I have no idea what this entails. I'd retain the home, he'd be leaving if that matters.

Also if it turns our we just separate while we work things out, not a legal separation or divorce, what do I need to do then?

Are there any helpful links to show me how or what I need to do for this? I'm just trying to make this transition as easy and possible and I want to be prepared so I don't risk my business in any way.

[TomCopeland]

Divorce

If I separate and divorce my husband in the next few months how will this affect what I need to do for my taxes?

He works outside the home so we have always filed at the beginning of the year but if I file for divorce I'm not sure what I need to do. I assume that I need to file quarterly but really I have no idea what this entails. I'd retain the home, he'd be leaving if that matters.

Also if it turns our we just separate while we work things out, not a legal separation or divorce, what do I need to do then?

Are there any helpful links to show me how or what I need to do for this? I'm just trying to make this transition as easy and possible and I want to be prepared so I don't risk my business in any way.

If you are divorced as of December 31, 2014, then you can file either as single or head of household (depending on whether or not you care for children of your own). As a single person you will be responsible for all your taxes, so you must file the quarterly Form 1040ES Estimated Taxes. The next deadline is April 15, 204.

If you are separated by the end of the year, but not divorced, then you can choose between filing as married filing jointly or married filing separately. If you file separately you will want to discuss with your husband whether he will be paying some of your taxes.

If you do divorce, demand that your husband pay you half of the tax on the amount you have claimed for house depreciation up until now. If you keep the home you will be stuck with this tax. Since he got the benefit of the tax deduction while you were married, he should pay half the tax as part of any divorce settlement.

I would recommend speaking with a tax professional now about the tax consequences of a divorce in your situation.

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