Alimony to be impacted by new tax bill

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When couples in New York decide to get divorced, one of the factors that they may have to address is whether one spouse will have an obligation to pay the other spouse alimony. Alimony, also known as spousal support, is when one former spouse provides the other with monetary support in an effort to help them become financially stable after a divorce or reimburse them for money spent during the marriage, in some cases.

The United States government just signed a new tax bill into law, called the Tax Cuts and Jobs Act, which has an impact on a wide variety of tax-related subjects. One such change is to the tax implications of alimony payments in divorce. Prior to 2018, the tax law stated that individuals who receive alimony can include the payments in his or her income and that the individual who made alimony payments would be able to consider alimony a tax deduction. This is still applicable to divorce decrees signed before 2018. Any divorces finalized on or after January 1, 2018, will be subject to the new law which eliminates the tax deduction for people who make payments and would make the alimony tax-free to the individual who receives it.

It is important to discuss alimony and the new tax implications with your attorney if you are considering a divorce. Contact our firm today to schedule a consultation.

If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.  b

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I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

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The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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