Divorce, Separation and Your Taxes
Michael Lodge, NCPM, CRTP - Nationally Certified Professional Mediator - www.lodge-co.com
One of the most important aspects, often forgotten about, is the tax consequences as you go through separation and then divorce. I always tell those who are going through separation and divorce to consult your tax practitioners. Go to one that really understand the tax rules of separation and divorce. The IRS has guidelines to follow. Do your own due diligence in knowing your financial and tax situation. You need to understand the separation agreement and all the way through to the final divorce decree, it will affect your tax situation.
Taxpayers should be aware of tax law changes related to alimony and separation payments. These payments are made after a divorce or separation. The Tax Cuts and Jobs Act changed the rules around them, which will affect certain taxpayers when they file their 2019 tax returns next year.
Here are some facts that will help people understand these changes and who they will impact:
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Michael Lodge is a Nationally Certified Professional Mediator specializing in business disputes, as well as family conflicts. He has written three books and hosts an international podcast on IHeartRadio and other podcast media stations.