Often in divorce, both parents want to claim the child(ren) as tax exemptions.
In this negotiation, consider the probable number of years to claim a child. Children who are full-time students can be claimed for a longer period of time, for example. Also, if you are alternating years, consider who has the likely advantage of more years to claim—the person claiming even or the person claiming odd years. And check with your CPA about the expected financial benefit. Is it as great as you think?
Once you and your spouse reach agreement, be sure your Separation Agreement includes a provision that you will execute all necessary documents. Currently, I.R.S. Form 8332 must be completed. Better to agree to complete necessary paperwork now rather than fight over it on April 15th