Saturday, March 3, 2018
From the New Jersey Law Journal:
On Dec. 21, 2017, President Trump signed the Tax Cuts and Jobs Act of 2017 (TCJA) into law. Although most media outlets have focused primarily on the new tax brackets, the new corporate tax rate and other aspects of TCJA that are convenient for headlines, TCJA implemented other less-publicized changes that will significantly affect family law matters in the future. It is imperative that all attorneys practicing in this area of the law become familiar with the changes, as they go right to the core of many issues that are faced on a day-to-day basis.
Among the family law areas most affected by TCJA are the treatment of alimony, personal exemptions, standard deduction and child tax credits, home mortgage and home equity loan interest, limitations on the state and local tax deduction, and increases in the estate and gift tax exemptions. Additionally, in those cases where a prenuptial agreement was entered into prior to TCJA, provisions in those agreements (e.g., alimony payments) may be affected or even rendered unenforceable by the new law, depending on the timing of a future divorce.
Read more here.