Who Receives Tax Exemptions Post-Divorce with Children?
One of the components that is very important in working out a property settlement agreement or a separation agreement is deciding who’s going to receive the tax exemptions for the children. The tax exemptions allow you to get a larger refund when you file your taxes at the end of the year.
By law, by IRS code, the residential parent always receives the tax exemptions, but often, we’re able to negotiate a situation, particularly where there’s more than two or three children, where the non-residential parent will receive one of the exemptions. There’s a quid pro quo that usually goes along with that.