Better to be prepared now than to pay the consequences later. But the Republican tax law that took effect in January has added a new urgency for wealthy Americans contemplating divorce. Several key changes in the law may determine whether it is better to complete or update a divorce agreement by Dec. 31 or wait until the new year. One of the biggest changes affects alimony, which will not be a tax break for Americans whose divorce agreements are completed or updated after this year. The new tax law is also causing parting spouses to look more closely at benefits for their children and the values of privately owned businesses and partnerships.

Source: New York Times July 27, 2018 16:38 UTC