The bill would eliminate the tax deduction for alimony and make alimony income tax-free to the recipient for divorce decrees. Under current law, ex-spouses who pay alimony can deduct the expense from their federal income taxes; ex-spouses receiving alimony payments have to claim the money as taxable income. To see more, read here.
These agreements are not just for the rich and famous, experts say. Pre- and postnuptial agreements are sometimes seen as a troubling sign of distrust in what should be a loving relationship. But advocates say they can be essential for protecting investments, especially if one partner has children from a previous relationship, even if the…