Divorce can be complicated, especially if a couple cannot come to an agreement in regard to alimony payments. To further complicate matters, a tax change is on the horizon that will potentially cause drawn-out divorces and contentious disputes. Maryland couples considering a divorce may want to contact an attorney to finalize matters in 2018 to avoid being locked into the new alimony tax law.
The recently enacted Tax Cuts and Jobs Act is likely to affect most Maryland residents and others around the country. The law changes how child credits, standard deductions and many other items are considered when doing one's taxes. One significant change regarding alimony will have a major impact on those going through a divorce after the end of 2018.
When going through a divorce, the court considers many aspects such as child custody and support, property division, and the stipulations of any prenuptial agreements that may exist. In some cases, a spouse may be required to provide spousal support to the spouse who earns less after the divorce in order to eliminate any unfair economic limitations. Before requesting alimony, it is important for Maryland residents to understand how these payments are calculated.
Maryland couples who have previously battled through a divorce know that the process is stressful, complicated and time-consuming. For spouses who earn less than their partner, alimony may be granted to address any unfair economic circumstances after a divorce. Appealing for alimony, or spousal support, is sometimes necessary but can also add more stress to an already uncomfortable situation. Unfortunately, Maryland couples in the midst of divorce proceedings may face some confusion with regard to the impact of the new tax laws on alimony.
Many Maryland residents likely know someone who has gone through an ugly divorce. Whatever the reason for the failed marriage, decisions of alimony, property division and child custody can be difficult to determine. One couple who became famous because of a house flipping show has recently battled in court about their alimony agreement almost five years after their divorce has finalized.
When a Maryland couple goes through a divorce, spousal support is often a component of that process. Determining the amount of alimony that one spouse will pay the other is a complicated task, and involves a careful evaluation of the family's financial status. Once the alimony payment has been determined, it can be an uphill battle to change the amount of those payments.
For many Maryland spouses, living in an unhappy marriage has defined the past few years of their lives. It can be difficult to know when enough is enough, and when the best route to happiness lies in filing for divorce. Recent research suggests that divorce is now more socially acceptable than ever before. That could make it easier for spouses to reach a decision about filing for divorce and seeking alimony and/or child support.
Maryland residents are aware that spousal support legislation is a tricky subject, and one that divides many people. There are states that are currently considering changes to existing alimony legislation, and debate on the topic has reached many dinner tables throughout the nation. While there are good points on both sides of the matter, legislators have a tough task in trying to create laws that are both fair and balanced.
When two people go through a divorce, money matters are often a top priority. For some, alimony is an important component of a financial settlement. Having access to ongoing spousal support payments can make a world of difference in the budget of a spouse who set aside his or her own career goals to raise a family or support the career path of a partner. However, many Maryland residents fail to understand the importance of insuring those payments.