Husbands Showing More Concern About Repeal of Alimony Deduction
by Stephanie Maloney
January 2019 may be far out on the calendar but a survey from the American Academy of Matrimonial Lawyers (AAML) got my attention with some calculations about alimony and acrimony.
Chicago, IL, February 14, 2018 – It seems that the federal government has made divorce a more emotionally taxing proposition for the nation. According to a survey of the American Academy of Matrimonial Lawyers (AAML), an overwhelming 95% of members anticipate the new tax plan will change the ways in which divorces are settled and a clear majority of 64% believes that the cases will now become more acrimonious. In addition, 62% of the respondents feel that the changes in the tax plan offers a greater benefit to the payee in terms of spousal support and 59% are finding that husbands are showing a greater sense of concern in regards to the repeal of the alimony deduction.
“The new tax plan will most certainly alter the ways in which divorce cases are settled and couples need to be prepared for these changes,” said Madeline Marzano-Lesnevich, president of the AAML. “The elimination of the alimony tax deduction has removed a powerful negotiating tool and turned it into a difficult stumbling block for spouses trying to settle a divorce.”
Fortunately, by definition, in mediation sessions we start with the goal being a level playing field and both parties in agreement about complete transparency.
If alimony is a factor in your life be prepared for changes. You will have a clearer picture after tax season and then roughly six months to renegotiate your settlement. I say six months because you’ll want to done well before the end of the year. As post-settlement renegotiating is one of our specialties please give a call and we’ll talk about your situation and how we might be of help.
To view this on the AAML website click here