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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;
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] A married couple is not required to file jointly. If one lived apart from one's spouse for the last six months of the year, one may also qualify for head of household status. [9]
Legal separation (sometimes judicial separation, separate maintenance, divorce a mensa et thoro, or divorce from bed-and-board) is a legal process by which a married couple may formalize a de facto separation while remaining legally married. A legal separation is granted in the form of a court order. In cases where children are involved, a ...
A separation can be initiated informally, or there can be a legal separation with a formal separation agreement filed with the court. As for a divorce, the latter may include provisions for alimony, whether to have sole custody or shared parenting of any children, and the amount of child support. [1] [2]
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 ...
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.
Continue reading → The post Separation vs. Divorce: Key Differences appeared first on SmartAsset Blog. It has implications that range from your tax status to debt, contracts, legal rights ...