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New tax law complicates divorce process

The dissolution of a marriage in Florida is a complicated process that can no doubt be overwhelming both financially and mentally. However, the new tax law is complicating divorce even more for many couples. This is particularly the case for those with minor children as well as those who have created prenuptial and postnuptial agreements.

The new law has eradicated the personal exemption for the tax years of 2018 to 2025. This means that a multiplier of kids is no longer available as a tax deduction on a parent's tax return. It is still critical for divorcing parents to decide who will end up claiming the children though, as although the exemption total is $0 now, claiming the children might qualify a parent for extra child tax credits that are far more generous with the new code. For those with young children, the exemption is slated to return to $4,000 or more per individual in 2026.

In addition, couples with a prenuptial or postnuptial agreement may benefit from having an attorney review their agreement this year. This is critical because the new law might affect some items addressed in such an agreement. For instance, alimony provisions in an agreement probably assumed that the alimony could be deducted from taxes -- something that will no longer be possible in 2019. Failure to address this may have unintended consequences.

Understandably, the new tax law has made the already-complicated divorce process even more overwhelming for some couples. However, an attorney can provide the necessary guidance to navigate the divorce process as well as the tax law confidently. The attorney's ultimate goal is to ensure that one's rights and best interests are protected during each stage of the divorce proceeding in Florida.

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