TMCnet News
American Academy of Matrimonial Lawyers Warns of Deadline to Lock in Alimony DeductionOnly a few weeks remain to lock in a federal tax deduction that is important to many families going through divorce, the American Academy of Matrimonial Lawyers (AAML) said today. The AAML's members include 1,600 of the country's top matrimonial attorneys. The federal tax reform bill that passed last year removes the income deduction for alimony payments, but allowed for the existing rules to be applied to final settlements put in place before January 1, 2019. "We urge anyone currently going through divorce proceedings to ask their attorney about the tax law change and its potential impact on their settlement," said Peter M. Walzer, AAML's president and a partner at the law firm Walzer Melcher LLP in Woodland Hills, CA (News - Alert). "Waiting until 2019 could result in more alimony money going to taxes instead of household expenses." The AAML offered key points on the alimony deduction:
Founded in 1962, the mission of the American Academy of Matrimonial Lawyers (AAML) is to provide leadership that promotes the highest degree of professionalism and excellence in the practice of family law. Comprised of the top 1,600 matrimonial attorneys throughout the nation, members are recognized leaders in the areas of matrimonial law, including divorce, premarital agreements, separation, annulment, custody, property valuation and division, support, and the rights of unmarried couples. AAML Fellows are recognized by judges and attorneys as preeminent family law practitioners, possessing a high level of knowledge, skill, and integrity and earning reputations for professionalism, competence, and integrity. To find an attorney in your area, visit http://aaml.org/find-a-lawyer.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181113005748/en/ |