Currently the person receiving alimony pays income tax on the alimony received. The alimony payer is able to deduct alimony payments from his/her income, reducing the payer’s tax burden. Beginning January 1, 2019, any alimony orders issued from that date forward, the tax burden for alimony will no longer shift from the payer…
Alimony payments, typically codified in the terms of a divorce settlement, are separate from child support. They are the payments that someone gives to an ex-spouse who earns less money. The alimony deduction repeal would affect divorces carried out after December 31, 2018. The new rule wouldn’t affect anyone already paying alimony. But it…
What is collaborative divorce? It Is when the couple works together with their individual attorneys to come to a resolution in a positive and results oriented way. Individuals can agree to all details, come to a resolution, and never step foot in a courtroom. To learn more, see here. Family Law Corp. – Family Law,…