Divorce Is About to Get More Expensive
Ten months after the Tax Cuts and Jobs Act (TCJA) passed with great fanfare in December 2017, we're still finding out what it really does for us. If you think that you might join the ranks of divorced people this year or in the future, there are provisions of the TCJA that you may want to pay attention to.
Some of these provisions include eliminating exemptions and most deductions, lowering federal tax rates and raising the limit for the Alternative Minimum Tax (AMT).
However, there are two main areas where the TCJA affects divorcing couples specifically: child support and alimony.
Exemptions and Child Support
The TCJA eliminates the value of the personal and dependent exemptions that were so familiar in years
