Alimony -- sometimes called spousal support in Tennessee -- is fundamentally important in many divorce outcomes.
In fact, we duly note on a recent blog post at the established Law Office of Sam Byrd in Chattanooga that it is a "critical component" in many divorce negotiations.
The reasons why are clear. To the recipient, of course, regular spousal payments following dissolution can provide badly needed income for immediate necessities. Sometimes, too, they can enable a former partner to return to school or secure job training to prepare for post-divorce life.
There is a key benefit that is often noted for payers, as well.
And that is this, as we underscore in our August 7 post entry: "Alimony is tax deductible for the paying spouse."
That fact often makes alimony central discussion matter between divorcing parties, given that a payer knows a tax offset is forthcoming each year.
Here's a caveat, though, and something that spells really big news on the alimony front: The final version of the much-talked-about congressional tax bill about to be voted on stipulates an end to an IRS deduction for alimony payers in divorces that occur after December 31, 2018.
Will that make a big difference to many divorcing couples in Tennessee and nationally?
Well, it certainly could have an impact in many cases, given that many divorcing spouses are focused on support matters. A recent CNN article on the potentially huge change in alimony states that approximately 600,000 tax filers claimed an alimony deduction in a recent year.
We will of course keep our readers well informed of any breaking news on this important matter. In the meantime, an individual with questions or concerns regarding any aspect of alimony can obtain prompt answers and candid guidance from a proven family law attorney.