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.