May 2018 Archives

NEW TAX LAW CHANGES IMPACT SPOUSAL MAINTENANCE (ALIMONY)

If you signed a prenuptial agreement before you got married, and believe there is any chance you and your spouse may divorce in the future, the Tax Cuts and Jobs Act that was signed into law on December 22, 2017 could seriously affect the agreement that was reached. One major change that occurred when that law was passed is that spousal maintenance (also known as alimony), will no longer be tax deductible after 2018 to the spouse who is paying it, and will no longer need to be claimed as income by the person receiving it. Under the new law, a separation agreement must be signed within the calendar year of 2018, or there needs to be a judgment of divorce signed in 2018 directing that spousal maintenance will be considered tax deductible in future years.

The Benefits of Divorce Mediation in Arizona

As it pertains to the law, mediation is a form of alternative dispute resolution (ADR), in which a neutral third party assists two or more parties in amicably negotiating a settlement. In recent time, more and more couples going through divorce have opted for the mediation route as opposed to the more traditional court setting.

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