The law itself is complicated enough. Throw in a few major changes, and the effects of misinterpretation of the law can be detrimental. For instance, as a result of a recent change in the law, the tax implications with regard to alimony have been modified. We always recommend that our clients seek the consultation of their accountant, however, there are basic consequences resulting from the change.
Under the new law, the spouse paying alimony (payor) will now be ineligible for tax deductions, while the receiving spouse (payee) will no longer need to pay tax on the payment. While it may seem like a good thing for the party receiving alimony, the total money available for both parties will most likely decrease.
Divorce can already be a tumultuous process. As an emotionally draining period, financial pressures can make settlements almost impossible to accomplish. If you’re going through a divorce and wish to navigate the waters with help, seek the help of an attorney.
If you’re on the hunt for a divorce attorney in Hackensack, Tomasella & Associates are ready to help. The team is dedicated to family law; we ensure that our services cater to the needs of each client. Every case is different, so we approach each issue with solutions that are both practical and realistic. With that, we come up with strong cases that fight for your needs. For more information, don’t hesitate to reach out to our team.