When you are preparing for a divorce it is important to understand how your divorce may affect your tax obligations to the Internal Revenue Service (IRS). While IRS Publication 504 sets forth various tax rules that apply when you are divorced, figuring out how to file and report alimony, child support, property settlements and other transfers of assets can be a very challenging process.  Because it so easy to get lost in the maze of IRS rules and regulations, below are some key points to help you better understand how your federal taxes may change after a divorce. 

While estate planning does not generally rank as a top priority for young adults, people in their twenties and thirties can benefit from taking the time to develop a basic estate plan.  Even if you are just starting out and your assets are minimal, it is critical to take the right steps now to plan for the future.