Americans Rushing For Divorce This Year As New Tax Law Will Eliminate Alimony Payment Deductions
For the wealthiest Americans, there may never be a better time to get divorced. A change in the new Republican tax law will eliminate a tax break for alimony payments that are finalized after Dec. 31, prompting financial planners and lawyers to warn wealthy clients that if they have been contemplating filing for divorce, they better act fast.
Under the law, Americans who finalize or modify divorce agreements in 2019 or later will no longer be able to deduct alimony payments from their taxes. Agreements signed before the end of the year will still qualify for the annual deduction – a distinction with large financial implications for couples where one partner earns substantially more per year than the other.
New York based Matrimonial Law Attorney Jacqueline Newman is available for interviews
About Jacqueline Newman
Jacqueline Newman (http://nycdivorcelawyer.com ) is a New York City based divorce lawyer and experienced NY matrimonial law expert. As managing partner of a top tier 5th Avenue Manhattan law firm focused exclusively on divorce, her practice runs the gamut from prenups for high net worth people contemplating marriage to high conflict matrimonial litigation in dissolutions involving complex financial assets and difficult custody issues. She is the Author of ” Soon-to-Be Ex: A Woman’s Guide to Her Perfect Divorce and Relaunch” & Soon-to-Be Ex for Men: Preserving Wealth, Fatherhood, and Sanity during Divorce Law Will Eliminate Alimony Payment Deductions – Interviews Available
For the wealthiest Americans, there may never be a better time to get divorced. A change in the new Republican tax law will eliminate a tax break for alimony payments that are finalized after Dec. 31, prompting financial planners and lawyers to warn wealthy clients that if they have been contemplating filing for divorce, they better act fast.
Under the law, Americans who finalize or modify divorce agreements in 2019 or later will no longer be able to deduct alimony payments from their taxes. Agreements signed before the end of the year will still qualify for the annual deduction – a distinction with large financial implications for couples where one partner earns substantially more per year than the other.
New York based Matrimonial Law Attorney Jacqueline Newman is available for interviews
About Jacqueline Newman
Jacqueline Newman (http://nycdivorcelawyer.com ) is a New York City based divorce lawyer and experienced NY matrimonial law expert. As managing partner of a top tier 5th Avenue Manhattan law firm focused exclusively on divorce, her practice runs the gamut from prenups for high net worth people contemplating marriage to high conflict matrimonial litigation in dissolutions involving complex financial assets and difficult custody issues. She is the Author of ” Soon-to-Be Ex: A Woman’s Guide to Her Perfect Divorce and Relaunch” & Soon-to-Be Ex for Men: Preserving Wealth, Fatherhood, and Sanity during Divorce
