From the cost of the lawyer to the loss of a spouse’s income, divorce often comes a high price. What’s more, spouses may walk away from the proceedings with significantly fewer assets and retirement savings. That’s not to mention the emotional toll of the process. “At the end of the day, divorce is terrible;” however,…
There soon won’t be a silver lining to paying spousal support. President Trump’s recently passed tax code will abolish tax deductions on alimony for divorce decrees on Jan. 1, 2019 and thereafter. Divorce lawyers say the higher-earning spouse will have more leverage to argue for lower alimony. The current tax rules allow for matrimonial…