For those about to get divorced in Kentucky or anywhere else in the United States, it may be a good idea to finalize it by the end of 2018. This is because the Tax Cuts and Jobs Act (TCJA) calls for the tax treatment of alimony to change starting on the first day of 2019. However, if a divorce is finalized before then, the terms of the split can be changed while maintaining the status quo regarding alimony.
It is still worthwhile to make sure that the overall divorce settlement is favorable before signing it. In some cases, individuals can benefit from compromising as long as they are giving up something that isn’t necessary. Ideally, a person will learn what a spouse needs or wants to make it easier to negotiate the final deal. In most cases, those who are ending their marriages will do so with the help of an attorney.
It is critical that they consult with their attorney as to how a divorce settlement can be reached quickly. Understanding the process makes it possible to come to important decisions in a timely manner. In some cases, it may allow for a divorce to be finalized in a matter of days or weeks as opposed to months or years.
In a divorce, the goal is to ensure that each party has what he or she needs after the marriage is formally dissolved. This may mean that marital property is split or that one spouse receives financial support after the split takes place. It may also mean that a parent receives child support or other assistance to make it easier to provide for a son or daughter. An attorney may be helpful in creating a favorable divorce settlement for an individual.