Learn about this and other important divorce considerations. The 2017 tax act changed the tax treatment of alimony for both the payer and the recipient.For divorces finalized prior to January 1, 2019, this new tax treatment does not apply and is grandfathered under the rules of the prior law.It is important to review your settlement agreement in light of today’s current tax laws, and consider modification of an existing agreement if appropriate.
Navigating the emotional and financial challenges of a divorce can be daunting enough. But when a family business is part of the divorce proceedings, there are additional decisions to be made to determine the future of the business and the equitable distribution of its assets.If only one spouse is involved in the family business and will continue to operate it as such, then an appraisal of the business will be needed to determine its value for purposes of buying out the non-operating spouse.
Nearly half of all U.S. marriages—and more than half of all second marriages—end in divorce*. There are many complexities that result from these breakups, particularly when children are involved. Decisions around the funding of college and completing financial aid forms properly can create many challenges for a divorced family. And unfortunately, high-net-worth families are not immune from these concerns.