Currently, alimony is on the chopping block under the Tax Cuts and Jobs Act (TJCA), meaning there would be no deduction provided for the paying spouse and the receiving spouse would no longer have to claim payments as income for divorces finalized after 2017.
Important topic to be discussing legal counsel, mediator and certainly your financial planner to ensure your long-term strategy. Amy can help review these changes with you to determine your best long-term financial solution if the bill passes as is! Contact us today or schedule a free initial consultation to review your situation.
Disclosure: Divorce transition/financial planning services offered by A.M. Financial. Investment advisory services offered through WealthSource Partners, LLC ("WSP"). A.M. Financial and WSP are independent and unaffiliated entities. The statements and opinions expressed are those of A.M. Financial and Amy Mahlen and do not represent the views and/or opinions of WSP or any other associated or affiliated person of WSP. Furthermore, the statements and opinions expressed are for informational and educational purposes only and should not be construed as legal, tax, accounting or investment advice. All statements and opinions are current only as of the time made and are subject to change without notice.