Negotiations over alimony (or spousal support, as lawyers tend to call it) are already tough, but they may get even tougher thanks to the new tax law that Congress passed at the end of 2017. People who pay alimony will lose a valuable incentive, while alimony recipients appear to benefit — at least at first glance.
However, a closer look at the facts reveals a murkier truth. Read on to learn how this new law may affect your divorce case.
PLEASE BE ADVISED THAT THE ATTORNEYS AT MYERS LAW FIRM, PLLC ARE NOT TAX LAWYERS AND THIS POST SHOULD NOT BE CONSIDERED AS PROVIDING TAX ADVICE OR LEGAL ADVICE ABOUT TAXES. THIS POST IS PROVIDING A GENERAL OVERVIEW OF HOW THE TAX LAW CHANGES MAY AFFECT SPOUSAL SUPPORT. FOR GUIDANCE ON YOUR SPECIFIC SITUATION, PLEASE CONSULT YOUR CPA. Continue reading “How the New Tax Law Might Affect Your Alimony Case”