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New tax laws and the impact on family law concerns

Couples in Florida considering divorce may be aware of the recent changes to tax laws and how they will affect alimony. Those people preparing to move forward with the process, especially a high-asset divorce, will find it beneficial to learn how these laws could impact them and their financial obligations. In fact, these changes may mean that some couples would be prudent to finalize their divorce plans by the end of year.

In the past, the person making alimony payments would get a tax break. However, after Dec. 31 of this year, this tax break will no longer be available. Both legal and financial professionals are currently encouraging clients in the midst of the divorce process to work to finalize their agreements in order for the payor to still receive this tax deduction. This could be especially important for individuals with significant income.

There are some who believe these changes will make divorce more complex. Under the new law, the higher-earning spouse will no longer have incentive to pay the spouse more because there is no longer a tax break. It could mean that a lesser-earning spouse is less likely to secure more money from his or her spouse in spousal support negotiations. 

The impact that the new tax laws could have on divorce and alimony are significant. It may be more beneficial now for Florida couples to collaborate and work cooperatively on a final agreement, especially if it is possible to finalize the divorce before the end of the year. As with all family law matters, it is smart for a person to fully understand his or her rights and options before agreeing to any terms. 

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