The taxation of alimony for divorces signed after Dec. 31, 2018 will change drastically. It will no longer be tax-deductible for the payer, nor taxed as income for the recipient. That means it will get much less affordable for those paying it, with less money available for recipients. Take these updated laws into consideration if divorce is inevitable.
There are other issues to consider when divorcing that you will want to consider and it is best to involve your accountant as well as your attorney to ensure you make the most of all of the issues that result from divorce, especially with young children involved.
