Articles Tagged with Tax Cuts and Jobs Act

If you signed a prenuptial agreement before you got married, and believe there is any chance you and your spouse may divorce in the future, the Tax Cuts and Jobs Act that was signed into law on December 22, 2017 could seriously affect the deal you bargained for.

One major change that occurred when that law was passed was that spousal support, which is also known as alimony or spousal maintenance, will no longer be tax deductible after 2018 to the spouse who is paying it, and will no longer need to be claimed as income by the person receiving it. Under the new law, a separation agreement must be signed within the calendar year of 2018, or there needs to be a judgment of divorce signed in 2018 directing that spousal support will be considered tax deductible in future years.

Continue reading