New divorce laws to consider
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.
As always, feel free to pass this Tip along to friends, and reach out if you need help with your personal tax and finance situation.
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