We recently read a great article by By Paul Sullivan in the New York Times on the new 2019 tax change and the impact that it may have on divorce and alimony. Here is a recap of what Paul Sullivan had to say in the article.
Divorce lawyers and accountants regularly quicken their clients to prepare for troublesome situations. It is wiser to be prepared presently than to suffer the future possible outcomes. The modern tax law is further prompting parting spouses to view more rigorously the tax advantages of their kids and the values of privately held enterprises and companies
Below are four sections that couples contemplating divorce should analyze going into 2019.
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According to the article, the tax reform could grow problematical in divorces resolved after Dec. 31, 2018, because now one spouse will lose a tax advantage and the other will obtain one. Underneath the brand-new system, the alimony payer will be taxed on the full amount while the alimony receiver will not pay tax on the money.
2. Prenuptial Agreements
For couples that have prenuptial agreements, the result should they divorce is presently dubious. It is popular in prenups for divorce lawyers to include alimony installments based on years of marriage and a condition stating alimony payments are deductible for an individual spouse. Now, that may be temperoarily unclear whether those conditions would endure in 2019 and going forward.
Another possible consideration is how private businesses shall be evaluated. This is often a critical element of divorce agreements. However, the new tax law raises the cash flow of some pass-through entities — businesses where the taxes on the incomes are paid by the owner, not the business — in a process that increases their value.Comprehending this may demand more appraisal specialists, rising the expense and time it may take to obtain a divorce.
Child support has forever been nondeductible and may still be. However, the article states that some practitioners are suggesting that their clients examine closely the tax advantages of various assets. For example, couples may contemplate taking a house instead of an ex-spouse’s retirement plan. With the new tax reforms, especially in states where deductions for high state and local taxes have been capped, may leave the family
If you live in Bergen County, New Jersey and may be facing the possibility of divorce, to learn more, ask questions, and seek advice from a lawyer, give attorney Sheena Burke Williams Esq. a call at (201) 497-8700. She’d love to talk.
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