As of Jan. 1 2019, alimony is no longer deductible by the person paying, nor is it taxable as income to the person receiving it. It’s just one aspect of the new tax code, which according to a recent survey of American Academy of Matrimonial Lawyers, is expected to make divorces more acrimonious, expensive and emotionally taxing for divorcing couples and their children.
DHJJ’s Cammy Corso was one of three Chicagoland professionals who advise divorcing executives and other high-net-worth individuals shared their thinking on these timely topics and more with Crain’s Custom Media.
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