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Paying attention to tax law changes may be vital during divorce

Ending a marriage is a costly affair. Many of the first concerns divorcing individuals have relate to their finances. They may wonder how much the process will cost, what will they be able to afford after the divorce and how much their soon-to-be exes will end up with. As a result, they may also wonder what they can do to help themselves come out on top financially.

Due to recent changes in tax laws, it may be more important than ever for divorcing New York residents to pay attention. Though the tax season only recently ended, the decisions made during a current divorce or one that is about to begin can have tax impacts for years to come. For example, homes are now more expensive to maintain due to tax law changes that make deductions on certain home-related taxes lower. As a result, some parties may not be as interested in keeping the home as they thought they were.

Furthermore, it may prove wise to review any prenuptial or postnuptial agreements made. It is common for individuals to address alimony in these agreements, but the terms created could warrant review since new federal tax laws taking effect next year require that the payor maintains responsibility for taxes on paid spousal support. As a result, these terms and possibly others may need to go through a renegotiation process.

Every decision made during divorce can have lasting impacts. If individuals do not have the right information, they could end up facing financial hardships that could have been avoided. Fortunately, parties can work with knowledgeable New York attorneys to understand law changes and the impacts they could have on divorce outcomes.

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Divorce: a Practical Guide

Divorce: A Practical Guide

Attorney Jusino’s new book on divorce is an easy read and full of valuable information. Learn More