Are you planning to claim your children on your taxes? Typically the custodial parent has the right to claim the children as dependents for tax purposes. However, if you share joint custody, you will need to decide which parent will claim each child for 2010. To do this, refer back to your divorce decree or child custody agreement and see whether either document outlines any rules you should follow, such as parent A claiming the children in years that end with an even number, and parent B claiming the children in years that end in an odd number.
If no such stipulation exists, you should discuss the matter with your ex and come to an agreement. In addition, if one parent has the right to claim the children, but wishes to allow the other parent to claim them instead, you can file form 8332, Release of Claim to Exemption for Child of Divorced or Separated Parents, with your taxes.
Related: Tax Breaks for Single Parents