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On January 1, 2019, the federal tax code changed the treatment of spousal support/alimony.  Senior Associate Attorney Heidi Sherman and tax attorney Jonathan Mishkin discuss how the change impacts the taxes of the person paying support, as well as the person receiving support.

At that time President Trump signed into law the Tax Cuts & Job Act, which included changes to allowable itemized deductions. This important distinction has changed how divorcing parties negotiate support payments, both at the time of the original judgment and also in the event of a support modification. These tax changes have led attorneys to consider creative options for how parties might structure agreements that differ from traditional spousal support, such as partial or full buy-outs using retirement or other assets.

Watch the video below to learn more about the implications of the TCJA, whether you can “grandfather” in pre-2019 support agreements, and possibilities for non-traditional support agreements.

This publication does not, and is not intended to, provide tax or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax or accounting advice. To schedule a consultation with one of the lawyers at Jill Brittle Family Law Group, please call our office at 503-445-1575.