Alimony tax law changes only a few months away

Though changes to tax laws regarding spousal support were announced months ago, many Kentucky residents may be seriously worrying about how it will affect them. The changes to alimony tax obligations will take effect in 2019, which is only a few short months away. While some parties who have already started the divorce process may be able to easily reach their terms by the end of the year, others may struggle to do so.

Of course, individuals who want to get their divorce cases finalized as quickly as possible still have their work cut out for them. Trying to inventory assets and filing the right paperwork can take months itself. Those actions are only a few of the many steps involved in divorce.

Some people may find the looming changes beneficial because it may cause an ex-spouse who was once dragging out the process to feel more inclined to speed it up, especially if he or she will be paying alimony. Still, even speeding up the process may not result in a finalized divorce by the end of the year. Considering settlement terms may interest some parties who would like to strengthen their chances of avoiding changes in tax obligations.

Alimony is often a sticky point of divorce, and the upcoming changes could make it more difficult to address. However, if Kentucky residents believe that they will need spousal support after their marriages end, they may still need to determine their best options for fighting for that outcome. Speaking with their legal counsel could help them find the best available routes for coming to agreeable terms.