908-707-1500 or 973-867-7053

Changes in NJ Alimony

“Beginning in 2019, the spouse who pays alimony will no longer take the alimony payments as a tax deduction,” notes Larry J. Nagy, Of Counsel for Radom & Wetter, Attorneys at Law.

At the same time, the spouse who receives the money no longer includes the alimony as income.

Divorce agreements prior to 2019 will be grandfathered under the old rules, meaning that earlier dates (prior to Dec. 31, 2018) will continue to receive a deduction for any alimony paid and the recipient will continue to declare the alimony as taxable income.

Subsequently, individuals negotiating a divorce settlement should adjust their position based on the potential tax ramifications.

Please follow and like us:

Bridgewater NJ Office

245 Route 22 West
Bridgewater, NJ 08807
ph (908) 707-1500
fax (908) 707-4181
info@radomandwetter.com

Morristown NJ Office

163 Madison Ave
2nd Floor, #220-66,
Morristown, NJ 07960
ph (973) 867-7053
fx (973) 998-8720

Radom & Wetter, NJ Attorneys

The lawyers of Radom & Wetter are renowned NJ attorneys providing counsel for community association law, business law, and personal law.