There are so many details you must track when you get divorced that it's easy to overlook a few. However, there are some issues that you must absolutely address when you and your spouse separate; otherwise, you'll end up with even bigger problems when these issues rear their heads at a later date. Here are two you definitely need to discuss and include in your divorce decree.
Relocating with the Kids
The saying goes that the only constant in life is change. While neither of you may have any plans to move out of the city or state at the time you get divorced, you never know what the future may bring. Therefore, if you have minor children with your spouse, it's essential you discuss how you will handle the custodial parent's desire to relocate to another area with the kids.
Try to account for as many relocation scenarios as possible. For instance, you may not want your ex-spouse to ask for permission to move to another town in the state or even to another nearby state, but you may want to have a say as to whether he or she can move out of the country with the children.
You should also try to address visitation issues that will inevitably arise when one parent moves farther away from the other. For instance, if the parent chooses to move to another state, you can agree to change it so the kids less often for long periods of time (e.g. all summer instead of every weekend).
Claiming Kids at Tax Time
The IRS doesn't allow people to claim the same dependents in the same tax year. Therefore, if you and your ex share custody of the kids, you need to decide who gets to claim the tax credit for them and when.
Generally, in disputes, the IRS will give the credit to the parent the kids live with for over six months. For instance, if the kids live with you for 8 months and your ex for 4 months, you'll be entitled to the credit.
However, if the time the kids spend with either of you is split down the middle, you'll have to decide who gets to claim them. For example, you could agree to claim them every other year or offer to give your spouse part of any refund you receive in exchange for being able to claim them every year. Making these decisions at the time you separate will eliminate confusion and bad feelings when tax time rolls around.
For assistance with negotiating with your spouse or help filing for divorce, contact a divorce lawyer.Share
27 August 2017