New tax law eliminates alimony deductions after 2018

Attorney Tabano alimony, law, support, tax

The new tax law will affect people differently, depending on whether they’re paying or receiving alimony. In divorce situations, one spouse or ex-spouse may become legally obligated to make payments to the other party. Because these payments are often substantial, locking in tax deductions for the payer has often been an important issue. Before the new Tax Cuts and Jobs …

Misunderstanding the Type of Retirement Plan to Be Divided in a Divorce:

Attorney Tabano divorce, marital assets, retirement, separation, social security, support, tax

This is probably one of the most common mistakes in settlement agreements and even final judgments, since often times attorneys prepare the final judgment which the judge simply signs. It often erroneously states “retirement plan” without ever defining the type of plan(s) to be divided. Retirement plans can be defined contribution plans, defined benefit plans or some type of hybrid. …

Divorce and Tax Filing Status

Attorney Tabano divorce, law, relationships, separation, tax

Tax law distinguishes filing status because filing requirements, certain credits and above-the-line deductions, tax brackets, and the standard deduction depend on the filing status. Additionally, filing status determines the income threshold for which Social Security is taxed. The main purpose of grouping taxpayers according to filing status is based on the presumption that, with the same income, single people can …

40 Secrets Only Divorce Attorneys Know

Attorney Tabano alimony, child support, custody, divorce, insurance, law, marital assets, qdro, retirement, separation, social security, support, tax

The Divorce process is a stressful process that can easily bring out the worst in people. Some people even see divorce as a way to seek revenge on a spouse by seizing money and assets. Although divorce can get you out of an unhappy marriage, it can also milk you for all you are worth if you don’t know your …

5 tips for making sense of taxes after a divorce

Attorney Tabano alimony, child support, divorce, law, support, tax

Did you know that, in America, there is one divorce about every 36 seconds? That’s nearly 2,400 divorces per day, 16,800 divorces per week and 876,000 divorces per year. With tax season upon us, that means approximately 876,000 people are newly navigating the realm of post-divorce taxes. Taxes are complicated enough as it is, but when you add in assets, …