Category: Alimony/Spousal Support

CNN Money: Alimony payers lose tax deduction under GOP bill

In Alimony/Spousal Support, Custody, Divorce & Separation, Family Law, Financial Planning , by

By Jackie Wattles First published on CNN Money Breaking up is hard to do. But the GOP tax bill could make it even harder, divorce lawyers say. The final version of the tax plan, which was released Friday and is set for votes next week, eliminates the tax deduction for alimony payments. Divorce lawyers say this […]

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MarketWatch: Under Trump’s tax plan, divorces are about to get a lot nastier

In Alimony/Spousal Support, Custody, Divorce & Separation, Family Law, Financial Planning , by

There’s no longer a silver lining to paying spousal support. President Trump’s tax plan unveiled this week will abolish tax deductions on alimony. This won’t impact people who have already agreed on their payment amounts but — assuming the GOP tax bill is passed by Congress — this new arrangement will be in effect for divorce decrees on Jan. 1, 2018 and thereafter. “This will create a total reevaluation of divorce cases,” said Malcolm Taub, partner and co-chair of the divorce and family law practice group at Davidoff Hutcher & Citron LLP. “It’s major.”

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