Divorce Attorney for Men | While the new tax bill signed by President Trump certainly affects income and property, it also is affecting divorce proceedings in Florida. Under the new bill,

Specifically, the tax bill affects alimony payments. Under the new bill, alimony is no longer deductible for the payer. Additionally, the receiver won’t have to pay income tax on the payments, making it a better financial deal for the spouse who is collecting alimony versus the spouse making payments. This change is like the current taxable definition for child support payments, as they are also not tax deductible.

This specific deduction was previously used as a negotiating tool, but now will likely result in the paying spouse arguing he shouldn’t have to pay as high amount as before. If you think you are paying more than you should, contact an attorney that is specialized in family law for men to ensure your payments are fairly and accurately calculated.

Meanwhile, the Florida governor has already rejected two state-specific bills that would reform this part of the tax law for Florida specifically. A divorce attorney for men knows that this is an important piece of legislation that could benefit that majority of men paying alimony. This change could potentially cause divorces that were going to finalize in 2018 to be pushed back to 2019. However, if you are the one that will be receiving alimony, it might be in your benefit to wait until 2019 to finalize a divorce.

While this tax change won’t go in to affect until 2019, make sure to speak with a divorce attorney for men to truly understand how this might change your spousal alimony payments. Schedule a confidential consultation today to see how the law offices of In Law We Trust can help.