Should Separating or Divorcing Couples File Joint Tax Returns?

For married couples facing separation and/or divorce, filing a joint income tax return can offer significant financial advantages and can be a powerful tool for couples looking to optimize their tax outcomes. While individual tax circumstances vary, many couples find that this method of filing can result in considerable tax savings and benefits that help them manage their finances more effectively including:

• Potential for various tax deductions and credits
• Expediting due refund(s)
• Lower overall tax rates
• Shared expenses that qualify for deductions are easier to track

This route is legally sound as encountered in In re Marriage of Solis-Cantrill and Cantrill. In this case, the Illinois appellant court affirmed that a trial court has the authority to order a couple to file a joint federal tax return as a part of the dissolution order. The court reasoned that doing so would “maximize the benefit to the marital estate,” ensuring a favorable financial outcome for both parties.

Kogut & Wilson can assist couples facing the decision of how to move forward with income tax returns. Get in touch with our team for further assistance.

Please be advised that our legal guidance is not a substitute for professional tax advice.