For individuals in Colorado and elsewhere who possess a considerable amount of wealth and assets, making the decision to end a marriage can be a challenging process. Since a high-asset divorce will likely have a substantial impact on a person's life, some may wish to allow ample time to reach such a potentially crucial decision. However, with changes coming to the way alimony will be taxed, those who are facing a similar process might find it advisable to seek guidance on how these changes could affect the outcome of their divorce.
Under the new law, which will take effect at the start of 2019, a person will no longer have the option to file alimony as a deductible or taxable income. This change could have a substantial impact on individuals who pay considerable amounts in spousal support. However, these changes might not affect those who finalize their divorces before the end of 2018, which could leave some in a rush to make a decision regarding the future of their marriages.