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Reasons why you might want to finalize your divorce before the end of this year
July 21, 2018
Here are some reasons why getting a New York divorce before the end of the year might be a good or bad idea, depending upon which of the two spouses is on the receiving end for spousal support.
If you are going to be the paying spouse, you might want to start thinking of getting a divorce before the end of this year. That is because the new tax law that went into effect says that all Americans who finalize a divorce Agreement after December 31, 2018 will no longer get a tax break. It used to be that the spouse that was paying the other spouse “alimony, which we refer to as spousal support or spousal maintenace in New York, got to take the amount paid as a deduction on his or her Income tax return while the person receiving the money had to pay taxes on it.
That is no longer the case. So, if you are the wealthier spouse who is likely to be paying support for your spouse, you might want to speed up the process as best you can and get your divorce agreement or stipulation of settlement finalized before the end of this year. After December 31, 2018 you will no longer have this deduction available to you. Also, the recipient spouse will no longer have to pay taxes on the amount received.
By Lisa Beth Older, Esq. A Manhattan Divorce Lawyer striving to give you the best possible information available to her..