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Divorce month sees changes to alimony tax law

Certain times of Missouri residents' lives can trigger a need for change. Some people may find that the beginning of a new year is a perfect time to make changes in life, and it is not unusual for a considerable number of individuals to feel that those changes should involve divorce. In fact, January is often considered divorce month.

This year, January also brings about changes related to ending marriages. Changes to tax laws have recently gone into effect that alter how alimony payments are deducted and taxed. Previously, the ex-spouse ordered to pay alimony could deduct the payments from his or her overall income. As a result, he or she would not have to pay the associated taxes, and the receiving ex-spouse would pay taxes on the amount at a lower rate.

Tax law changes now require the paying spouse to handle the taxes because it will allow the income to be taxed at a higher rate. As a result, the government would obtain more money from that income. Of course, another result of these changes may also be that divorcing spouses might have a more contentious time deciding on alimony payments.

Going through a divorce can certainly have its difficulties, and these new tax law changes may create more hardships for some parties. Gaining information on how these changes could affect certain Missouri residents might be worth their while. It may also be wise to consider ways to come to alternative agreements if the matter of spousal support becomes a substantial sticking point in marriage dissolution proceedings.

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