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New tax laws motivatee some couples to finalize divorce in 2018

Most people hope to finalize their divorces as quickly as possible, but in 2018, there may be some additional incentives to speed up a divorce. Changes to the tax code could impact multiple aspects of a Florida divorce, including alimony payments, property taxes for the marital home and deductions related to children. In some cases, this could impact pre- and post-nuptial agreements that were drafted under the pretenses of previous tax laws.

How alimony payments are treated may be the biggest change that might make it beneficial to finalize a divorce in 2018. Currently, alimony payments are deductible for the paying spouse. Any couple who finalizes their divorce in the current year will be able to take advantage of this deduction, while those finalizing after January 2019 will not. This might make it difficult to negotiate alimony from a high-wage earner to a lower-paying recipient. 

On top of this change, the new law will reduce the deductible property taxes and mortgage amounts. Additionally, those who sell their homes while married can have $500,000 in non-taxable gains, while single homeowners are limited to $250,000. For this reason, selling the house before the divorce is final could be a smart move.

The new tax laws will certainly impact divorces in Florida and may spur couples to finalize before they come through. Even if they are not divorcing in 2018, couples should still have pre- and post-nuptial agreements reviewed by a Florida lawyer to ensure they are still valid with the new tax laws. A lawyer can also help clarify issues around shared property and alimony in light of the new laws.

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