Connecticut couples seriously thinking of calling it quits would do well to make that decision this year. Finalizing a divorce in 2018 may save each individual some money since the government has made some far-reaching changes regarding divorce. These changes will especially affect couples who are financially well-off.
Come Jan. 1, 2019 alimony won’t be able to be deducted by the payer. It is likely that the payer will not be paying the payee as much, however. The federal government is hoping to line its coffers by nearly $7 billion with this move. That also means that less money in people’s pockets. Those finalizing their divorces this year will still have the current deductible and taxable status even if the divorce agreement is later modified.
Children won’t be seen as being that much of a tax deduction either. Both spouses won’t be able to claim children as a deduction. But one parent may be eligible for increased child tax credits. Couples who have prenuptial or postnuptial agreements may wish to have a lawyer reassess them to make sure they’re in line with the new laws.
A Connecticut divorce lawyer may be able to acquaint his or her clients with how these new laws will affect them personally. The attorney can help clients to negotiate a divorce agreement that properly considers the effect of the new laws. These new laws may make issues even more complex and urgent, and an attorney’s guidance in this instance could prove invaluable. When an attorney takes care of the legalities of divorce, it may let his or her client to take care of other things in an already stressful situation.