Marital status affects your taxes
Your marital status can have
a major impact on your taxes. Sometimes changing the date for a wedding or the
timing of a divorce can be a major tax saver. If you and your spouse-to-be have
similar incomes, you may become subject to the marriage penalty and pay higher
taxes as a married couple than you would as singles. A divorce certainly
requires some tax planning. How you structure support payments, who gets to
claim the tax exemptions for dependent children, and how you split up assets
can make a huge tax difference to both parties.
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