Update on Divorce and Tax Law

Update on Divorce and Tax Law | Deborah E. Kaminetzky

Now that the new tax law is official, this is what it means for divorcing couples:

First of all, alimony or maintenance as we call it in New York, will not be deductible by the payor for any agreement executed after December 31, 2018. Note that the divorce judgment does not need to be signed—only the agreement needs to be executed. This means that 2018 may be a very busy divorce year. People who have been thinking about it may be more likely to take action knowing that it may be more expensive later on.

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