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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 ...
Alimony payments from divorce or separation agreements that were finalized before Jan. 1 are still considered an above-the-line deduction when filing taxes.
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]
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.
Continue reading → The post Taxes: Single vs. Married appeared first on SmartAsset Blog. ... legally separated and/or divorced on the last day of the tax year (December 31). ... Married filing ...
In the simplest contexts, no further distinction is made. A status of married means that a person was wed in a manner legally recognized by their jurisdiction. A person's specified civil status might also be married if they are in a civil union or common-law marriage. The civil status of a person who is legally separated is married.
A separation is a legal process in which you remain married but divide up many of your assets and responsibilities. A divorce is a legal process in which you dissolve the marriage entirely.