Originally Posted by
Smiley1 
Hello fellow FFofA,
Just trying to figure a few things out and hoped someone here might have some words of wisdom.
I have been looking over the divorce papers for my state and the situation that I am in, makes divorce fairly simple and pretty straight forward. We do not have any minor children (both in college), willing to split debts and assets 50/50, so for the most part that part is an open/shut deal. And at this time of year, the turnaround is merely a few days if we self file, so it could be over next week, if I filed today.
My question is this: are there benefits or liabilities to having our divorce be final prior to the end of the year? I am thinking tax consequences. Would it be better to wait until the beginning of the year?
Does anyone have any experience with this?
Thank you.
Your marital status on Dec. 31st is used to determine how you file. If you both work it is likely to be better, tax-wise, to not be married. But without knowing specifics it's impossible to say. Ask your accountant. He or she should be able to answer this quickly. If your 2014 income situation is similar to 2013 he just has to run the return both ways.
I'm a CPA, btw.