An important change is coming in divorce law as a result of the new tax act. Alimony payments have been deductible to the payor and taxable to the payee for the past 75 years. As a result of the new tax act, alimony will no longer be deductible by the payor or taxable to the payee if a Settlement Agreement is signed after 12/31/18. If this is something you are counting on, you should review your divorce/alimony options prior to the end of 2018.
Read more about this tax change in this article, Here’s how the tax plan could change divorce in a big way.