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However, even if the first day of legal separation or divorce from the spouse is December 31, one cannot file a joint return for any portion of that year. [7] Certain married individuals, not legally separated or divorced, may still be considered single for purposes of filing tax returns if they are living apart. [8]
Marital deduction, often referred to as gift to spouse, is a type of deduction that allows a person to give his or her spouse a gift with reduced or no tax imposed upon the transfer, for transfers given in a calendar year. [18] Some marital deduction laws even apply to transfers made postmortem.
Alimony payments from divorce or separation agreements that were finalized before Jan. 1 are still considered an above-the-line deduction when filing taxes.
The key similarities between a legal separation and a divorce are: Any new income that you earn after the date of separation is yours alone and not typically considered a marital asset;
A mensa et thoro is a legal Latin phrase which means "from table and bed", often translated as "from bed and board", in which "board" is a word for "table". Separation a mensa et thoro is essentially a separation that is sanctioned by a court order, meaning that the spouses may legally live apart, but they are still legally married.
Other couples may separate as an alternative to divorce for economic or religious reasons, for tax purposes, or to ensure continuing retirement and/or health insurance benefits for both spouses. A separation can be initiated informally, or there can be a legal separation with a formal separation agreement filed with the court.
Legal separation describes a state that you can think of as being somewhere between marriage and divorce. The partners' union is not formally dissolved, although legal separation can be a step ...
Marriage is a legal institution as well as an emotional one. It has implications that range from your tax status to debt, contracts, legal rights, medical oversight and much more. So when it comes ...