Tax time is always a stressful time of year; it is made worse if you are going through a divocre.

I have a couple of friends in this situation and even the amicable ones are arguing over the tax issues. Here are a few key issues:

Do you file joint or single for the year of the divorce? Is filing as head-of-household better?

Who gets the exemption for the kids? Do we split the exemption?

How will you split your assets? Often, 50/50 based on dollar value is the basic but you need to look at cost basis; is an asset tax-free or tax-deferred.

Is there going to be alimony or child support? Make sure you know which of these will impact your taxable income for the coming years.

There is a lot of pain in divorce. By consulting a qualified tax professional your tax return can be less painful.