With the new tax laws in 2019 coming up quickly, you might be in a rush to get your divorce filed. If your divorce is finalized after the start of the new year, you’ll be held to new tax laws that you may or may not want to have affect your case.
Floridian attorneys have seen an influx in couples attempting to get their divorces finalized by Dec. 31, because they don’t want to lose the current benefits that are given to couples dealing with alimony.
In 2019, the person who pays alimony will no longer get a deduction for the amount of alimony paid. That means that they’ll be losing a substantial amount of income and still have to pay the same amount of taxes. With no write-off to be had, the other spouse is less likely to get as much as they would have in 2018.
This reduces tax savings significantly, which is a problem. Fortunately, at least one judge in Florida has decided to make sure she’s in court two extra days this year, both of which would have been days when the court would have closed. She cited this major tax change as the reason for hearing more divorce cases than she otherwise would have.
Most matrimonial attorneys believe that the changes in laws are going to make settlement negotiations more contentious, but it’s hoped that falling divorce rates will mean that fewer people will be affected overall. If you fall into the group of people rushing to have your divorce finalized, this is the final push. It’s important to get your paperwork in order and try to get it finalized before 2019.