Asset Division is typically one of the most complicated conversation couples must have in divorce. The task of laying out and tallying marital assets and debts can be emotionally simplified by looking at it as a document gathering exercise rather than an argument. Amidst the volatile emotions of divorce, separating finances is a dollars and…
Read MoreWhy were alimony deductions for payors eliminated (for divorces after December 31, 2018) by the Tax Bill of 2017? Most likely it’s due to a disparity in tax reporting by individuals over many years. While legislators searched for ways to replace the enormous revenue cuts the bill proscribed, alimony was an easy target. According to…
Read MorePrenuptial agreements don’t first come to mind when one thinks of the new Tax Act. As previously discussed, the Act (signed by President Trump on December 22, 2017) will eliminate tax deductions for alimony beginning in 2019. How does this affect existing prenuptial agreements? Many prenuptial agreements contain language about alimony in case of divorce,…
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