If either spouse owns life insurance or has a pension or 401(k) plan, update the beneficiary designations to reflect your marital status. Also, update your filing status on your Form W-4 and notify your employers if there is a change in address.
You can deduct a number of medical expenses related to starting—or delaying—the expansion of your family. Deductions include fees paid for childbirth-preparation classes, certain fertility procedures, birth-control pills and operations to prevent having children.
Though filing a joint return might make a couple feel closer, it may not make sense financially. For example, if one spouse has large medical expenses but lower income than the other, filing separate returns may result in a lower tax liability. Run the numbers both ways to determine which is better.
If you got divorced on or before Dec. 31, you are considered divorced for the entire year. That enables you to file as single or head of household if you qualify.
The information above is general in nature, and may not apply to your specific situation. Tax laws can be complicated, so consult your tax adviser for more information.
