The new tax law is about to have an effect on the pocketbook of divorced or legally separated couples beginning January 1, 2019.
After seventy five years, alimony will no longer be deductible by the payor spouse, nor taxable to the payee--a dramatic change which will have a significant impact on divorcing couples and their ability to negotiate a fair settlement.
Why is the change significant?
Deductibility of spousal support was one of the few incentives counsel could use to entice a reluctant spouse to financially assist a lesser earning ex-partner.
When does the new law take effect?
January 1, 2019
Any good news?
To counterbalance, family law practitioners may try to negotiate a reallocation of the Child Tax Credit.
What to do?
If you're the payor, get your decree signed before the end of 2018
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