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Pressure for some to finalize divorce proceedings increases

There has been a great deal of discussion over the upcoming tax changes that may have a significant impact on some individuals. One aspect of those changes may be exerting pressure on some couples to finalize their divorce agreements before the end of the year. Those who reside in South Carolina may benefit from consulting with professionals over how to protect themselves financially.

Starting in 2019, those who are required to make alimony payments will no longer be able to count these payments as deductions on their taxes. The concern on the part of many financial professionals is that the elimination of the tax deduction will result in significantly lower alimony payments to the former spouses who need it the most. Those couples who have experienced the greatest income disparity are the ones who have typically received higher payments to offset the loss of income after a divorce.

While child support payments are also not tax deductible, another category of support payments that was intended to provide assistance to a divorced spouse and children was tax deductible. This category will also no longer be permitted to be subtracted from the payer's income in the coming year. The federal government is expected to realize an increase in revenue by an estimated $7 billion over the next 10 years.

There are other looming tax implications, including a so-called marriage penalty that may prompt some couples to seek to file their taxes separately. It is unknown whether the tax revision has led to an increase in divorce filings in the short-term, though some have predicted that the changes may actually lead to a decrease in filings over the long-term, as divorce may become less advantageous financially. South Carolina residents who are beginning the divorce process may seek the guidance of an experienced attorney who can help them obtain the best settlement to meet their needs.

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