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Divorce rates rise in January and will be impacted by tax changes

A new year brings many changes for Coloradans and those who are having marital problems can be affected significantly. This applies not just to the decision to get a divorce, but how the divorce will change their lives in the future. Knowing about tendencies when it comes to family law issues and the possible aftereffects is critical from the beginning and having legal assistance can assess the situation and find the preferable avenue to handle it.

People who are experiencing marital issues before and during the holidays will often take the next step to end the marriage in January. That sparked the unofficial designation of the first month of the year as "divorce month." Accompanying that is the need to understand new tax laws and how those who are getting a divorce in 2019 will impacted. The changes to the tax law were put in place in December 2017. Many were rushing to complete their divorce before year's end. Those who did not do so are not dealing with the new tax requirements.

With the laws that affect divorcing couples are only now coming into effect, it should be understood in the context of alimony and the taxes and deductions associated with it. The supporting spouse could previously deduct the alimony on his or her taxes. That is no longer the case. Tax brackets are also changed for both the paying spouse and the receiving spouse. The paying spouse will therefore have a higher tax burden. The receiving spouse will have less of a tax burden.

For many couples, their marital issues were such that they could no longer stay together, but did so over the holidays so their families would not be confronted with the reality of a collapsing marriage. They might not have thought about the tax implications. Others had their marital woes exacerbated by the stress of the holidays and this sparked the decision to end their marriage once the holidays were over. This has led to January being viewed as such a fertile time for divorce. Regardless of the reasons for the divorce, people who are ending their marriage should have a firm legal ground to stand on. A law firm that specializes in divorce should be called for help once that decision is made so they can move forward with the process as smoothly as possible.

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Mary Kay Kramer, P.C.
1820 West Colorado Avenue
Colorado Springs, CO 80904

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