Our offices took criticism when we went active on social media. Marketing for divorce was the accusation, and we had a few bitter comments on articles and blogs we posted. We practice law. And we’re good at it. We help people. And we make a living. Which is why this next phrase I’m about to write could be misconstrued as a shameless bid for money: If you are thinking of divorcing, 2018 is the year to do it.
Yeah, now it sounds like we’re rushing you. Hear us out: taxes. I wrote about this when tax laws changed, but the year is dwindling and there are some financial issues that are important to us concerning the difference between a divorce in 2018 and a divorce in 2019.
In the past, alimony was deductible by the payor (the person dishing out the dough). That will no longer be the case. Some scoff at alimony, but there are those who spent a large portion of the marriage taking on the more domestic duties of running the household, raising the kids, and putting their own careers to the side. Divorce hits folks hard. Women typically see a significant drop in income and lifestyle after divorce, and research shows it takes about ten years to make a change in this, if a change does take place. Alimony helps this spouse get on their feet. It’s going to be more difficult in 2019 and years that follow to arrange alimony now that the tax incentive is missing.
As you finalize divorce specifics surrounding the children, be sure to decide who claims the kids, but remember that the new changes eliminate the personal exemption amount until 2025. This is important--be sure to pay attention.
Remember, we have been in family law for years. Ultimately, we want to help your family through a difficult time and make the best out of your legal and financial situation. Call us to consult, and we’ll get these important issues, because we just hit the highlights, finalized before the new year rolls in on January 1st.
It’s about to get better, but it might get a whole lot worse first. We’re here to help.