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New Tax Law May Slow Divorce Rate

The New Tax Law that was recently passed may have an unintended consequence of slowing the Divorce rate!!
The information I am providing is intended to provide some food for thought that would spur people to contact their Attorney and Tax Consultant before filing for divorce.
     Divorce is often a very messy event in people's lives. But with the new tax law the situation may have become even more difficult.
Alimony has never been an easy thing to figure out and this seems to be a part of the tax code that has made things sticky.
For years, Alimony has been a deductible item for the payer and a taxable income for the one receiver.
But,accountants and attorneys are still trying to sort this out, the new code seems to indicate that this long standing rule is being changed.
It seems that after Dec. 31, 2018, all divorces will fall under the new code which then will find that Alimony is no longer deductible for the one who is paying. The recipient will not need to declare alimony payments as income.
Since most of those who pay alimony are men and the recipients are women, that the men will take the hardest punch.
However, both parties will actually be affected.
It ... more

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