2019, A whole New World For Divorce and Taxes

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Overview

With the new Tax Bill set to take full effect in 2019 there will be many changes that will affect you when getting divorced. Having practiced extensively in the areas of family law and tax, Michael Chin can assist you in taking advantage of the new laws and planning for these changes. 

Changes to Spousal Maintenance

Prior to the 2017 Tax Bill, all spousal maintenance was deductible to the paying spouse and viewed as income to the receiving spouse. This law remains in effect until December 31st, 2018. Once January 1, 2019 begins, the IRS will no longer consider spousal maintenance as deductible. While this may be viewed as a negative impact to some, it can also be used to a party's advantage. Chin Legal Group can assist in crafting various alternatives to effectively managing your tax bill even though the new Tax Act is in effect. 

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