Let's Talk About Easy Divorces
So you are ready to divorce...what is the process?
War of the Rosas
How much will I receive in spousal maintenance?
What is spousal maintenance and how is it determined in Arizona?
Divorce and legal separation can entail more than just emotional and legal complexities. They can also involve navigating intricate and complex tax implications. There are eight key considerations to consider relative to...more
Income tax effects are often the last thing on one’s mind when going through a divorce, but having sound tax advice during a divorce is important for many reasons. FILING STATUS - Divorce will change your income tax...more
Tax Litigation: The Week of May 16th, 2022, through May 20th, 2022 Caldwell v. Comm’r, T.C. Memo 2022-51 | May 20, 2022 | Lauber, J. | Dkt. No. 3333-19. Ibrahim v. Commissioner, TC Summary Opin. 2022-7| May 16, 2022 |...more
Divorce is not a topic most clients or tax advisors enjoy discussing. Nevertheless, it is important in today's day and age to advise clients, especially high-net-worth individuals with substantial assets located in the U.S....more
In this episode, Gerry, discusses using a Pooled Income Fund ("PIF") in divorce tax planning....more
The Tax Cuts & Jobs Act of 2017 eliminated the tax deduction previously allowed for alimony payments effective January 1, 2019. This meant that alimony payments made pursuant to an agreement executed after December 31, 2018...more
When a couple is getting divorced both current and future tax obligations as well as tax basis are very important. There are four areas that we frequently advise our clients about. Originally published on ABC15 Sonoran...more
For the past several decades the “alimony deduction” has been available to all divorcing couples. This deduction provided that the spouse making alimony payments could deduct alimony payments from his or her income and the...more
The current federal tax laws enacted in late 2017 have been the subject of many news stories and articles. Although most aspects of the legislation took effect in 2018, the changes to the tax treatment of alimony went into...more
As I wrote in a prior blog piece, under M.G.L. c. 208, sec. 53, the amount of alimony paid to support a former spouse should generally not exceed the recipient’s need or 30 to 35% of the difference between the parties’ gross...more
The Tax Cuts and Jobs Act of 2017 (“TCJA”) did away with the long-standing provision allowing for deductions of alimony payments by the payor. Specifically, the TCJA adopted the prior definition of “alimony and separate...more
A change in the tax law will eliminate a tax break for alimony payments made pursuant to divorces that are finalized after December 31, 2018. For 2018, alimony (or spousal support or spousal maintenance) is tax deductible...more
Since the early 1940’s, alimony payments have been tax deductible for the Payer Spouse. The recipient of the alimony (Recipient Spouse) paid the income tax on the alimony payments. The Tax Cuts and Jobs Act (TCJA) puts an...more
The War of the Roses is a movie classic above the trials and tribulations of marriage and divorce that sends shivers equally down the spine of about those married and unmarried. Several quotes from the movie include the...more