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Will it happen? Tax law would fundamentally touch American lives.

| Dec 19, 2017 | Firm News, High Asset Divorce

Time to vote?

Reportedly, all the tweaking related to a huge tax bill has now been completed in both chambers on Capitol Hill. The GOP’s long-touted legislative plan to materially modify tax matters across a wide universe of concerns seems firmly set for a vote this week, with Republican lawmakers stressing confidence in the result.

Their prediction: passage of a truly comprehensive bill touching upon many areas of life.

As we noted in a recent blog post, one of those areas is the realm of family law, specifically divorce.

Our November 7 blog post discussed the intent of Republicans to dramatically adjust the workings of alimony in divorce matters. A major change sought by the GOP concerning spousal support is “no more tax deduction for the ex-spouse paying it.”

That tax offset has of course been a key perceived benefit for payers over the years. We noted in the above blog entry that it is squarely the tax-avoidance aspect of support payments that has “made them easier to stomach for the divorcees paying them out.”

One recent national news report on the looming tax vote and its implications for alimony underscores a diverging viewpoint concerning whether a deduction elimination will have much of an effect generally on divorces.

In Arkansas and elsewhere, of course, that would depend on whether spousal support is a key concern in a given dissolution and, perhaps, how wealthy a divorcing couple is.

We will keep our readers timely informed of any key developments that might imminently emerge.

Alimony, like many family law concerns, can be important in some instances and inconsequential in others. Support-related questions and concerns can be addressed to an experienced family law attorney.

 

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