Divorce tax laws

[qazedc]

What is the name of your state?Ca
I am going through divorce. My wife will probably have primary custody and we'll both have joint legal and pyhsical custody. We're working on something called Joint physical care. We both agree not to pay each other alimony or child support. My wife owns her own nev. C corp. Although it looks on paper there is a lot of bus. write offs which put the comp. in the red. Some of the write offs were living expenses for example;(Operation from home,paid for part of monthly home payement). I was told we might still be able to file joint for possibly one more year until final, and how should I possibly go about setting the agreements up for tax credits if possible? Another question is it possible to split the dependants for tax reasons? We have 3 children. Is it possible to have it set up were we both claim 1.5 for dependants? We are going to share an account also for needs of children. How does this work and how should I go about making the arrangemnents if possible? If I were to set up a college savings account for them can this also be tax deductable?

[Snipes5]

You can't split a child in half. One of you will claim one child, and the other will claim two children.

As for the rest of your questions, they are many and varied. Please consult with an Enrolled Agent or Tax Attorney in your area to make sure your situation is handled properly.

Do not rely on your divorce attorney to ensure that your tax situation is properly handled, find someone who specializes in taxation and can examine your financial situation in detail.

Snipes