BNY Mellon: How the Tax Cuts and Jobs Act Affects Divorce Settlements
Posted by Carlie Berke, CDFA®
May 3, 2018
The Tax Cuts and Jobs Act of 2017, signed by President Trump on December 22, 2017, made a number of important changes to the Internal Revenue Code, some of which either directly or indirectly relate to divorce.
Due to the speed with which the law was enacted, there are many uncertainties in the interpretation and application of the changes. However, family law attorneys and other advisors must be proactive in ensuring they understand how these changes may affect their clients, particularly as they concern alimony, exemptions and deductions that could impact their clients’ bottom line.
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You may need to work with a team of people willing to help you as you navigate the many many transitions that your divorce will require.
Try to be the best co-parent you can be for the best interests of your children, especially during the holiday season.
Credit is something often overlooked and needs to be protected in a divorce.
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