Couples in New Jersey who are going through divorce or contemplating divorce should understand a few things as a new year gets underway. According to a financial expert, whatever your marital status on the last day of the year is, it is what you are considered to be by the government for the entirety of that year.

This means that anyone who has recently gone through a high-asset divorce and has seen it finalized before Dec. 31 will be considered single by the government. This means that filing taxes may be different for a former spouse than it was in past years.

Couples who are in the midst of dissolving a marriage at the end of the year may file as a married couple come April, regardless of their marital status at the time taxes are due. For these couples, the only options are filing a return as married filing jointly or married filing separately.

As a divorced individual, one may find that discussing the child-as-dependent tax exemption may cause an argument. Whichever parent the child spent the majority of the year with and received the most support from will likely be the one to claim the child on his or her tax return. In some circumstances, a noncustodial parent can receive this exemption as long as the custodial parent signs an agreement stating that they will not pursue this tax credit.

When alimony and child support payments are made between a former couple, taxes become a bit more complicated. The payor of alimony generally can deduct such payments for federal tax purposes, and the recipient includes such payments. Child support is the opposite: The payor must pay income taxes on the amount of support that is sent to a former partner. Though itemizing these amounts is not required, it should be done to ensure that the same amounts are listed on the tax returns of both parties.

I always encourage clients to work with an accountant to address tax strategies in a divorce settlement.  We work with a number of excellent accountants who can help guide answer questions and provide guidance as to the tax consequences of a divorce.

Source: Huffington Post, "5 Money Questions To Ask Before The Year And Your Marriage Come To A Close," Gabrielle Clemens, Dec. 27, 2011