Divorced? GOP Tax Bill Could Make Alimony Even More Bank Account Busting

"The proposed $1.51 trillion Tax Cuts and Jobs Act (TCJA) could be good for some people saving for retirement, but the provisions that cut the alimony deduction and limit the deductibility of mortgage payments could roil the financial aspects of divorce, some experts say.

Under the TCJA, alimony payments would not be deductible by the payor or be able to be included in the income of the payee. The provision would be effective for any divorce decree or separation agreement executed after 2017 and to any modification after 2017 of any such instrument executed before such date if expressly provided for by such modification..."

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