At the beginning of this year, major changes to the federal tax code took effect, including one that greatly impacts the tax implications for alimony. Prior to 2019, the law allowed alimony payers to take a tax deduction on their payments while alimony receivers were required to claim the payments as taxable income. Now, neither side is allowed to deduct or required to claim.
There are many ways that you could lose your assets or see them diminish in value during a divorce. At the law office of Robert G. Smith, PLLC, we use a variety of strategies to address these diverse risks.
Your teenager can get pretty moody on any given day. If you and your ex are going through a divorce, it can make things even worse. What can you do to make things easier for them?
When couples decide to divorce, it is natural to feel anxiety about what this new life stage will bring. For unemployed spouses or those who are not the primary breadwinner, there is another fear: What will you do to financially maintain your day-to-day life?