Couples who have run into irreconcilable differences in their marriage may turn to divorce as a promising solution to ending volatile relationships and creating newfound independency. As many divorcing Illinois couples are aware, the process of separation is often riddled with complications related to issues such as child custody, separation of assets, relocation and alimony.
Unfortunately, matters could become more complicated for couples going through a divorce when alimony payments are required. The reason is a new GOP bill that is currently underway in which people paying alimony will no longer be able to use their payments as a tax deduction if the bill is passed as a law. Lawmakers remind people that if the bill is passed, it will not change the process for couples already paying alimony, and it will not affect divorcing couples until after the end of 2018. However, after that time, using alimony as a deduction on taxes will no longer be an option. IRS records showed that in the year 2015, nearly 600,000 Americans used their alimony payments as a deduction. Legal professionals note that the change could prolong the process of divorce for many couples and cause more turmoil and contention during negotiations.
Couples seeking a divorce may benefit from the assistance of a knowledgeable attorney who is experienced in the complications that often surround separations. These couples may find that the guidance provided by a legal professional is effective during the often-intricate process of negotiating spousal support, alimony agreements and conditions for future modifications to be made.
Source: CNN Money, “Alimony payers lose tax deduction under GOP bill,” Jackie Wattles, Dec. 15, 2017
