The recent passage of the 2017 Tax Act (the "Tax Act") brought many changes for business and individual taxpayers. Many of the income tax changes have been highly publicized, such as the decrease of individual income tax rates, the reduction in the taxability of income from certain pass-through entities and the reduction of the state and local tax deduction.
This Alert focuses on the lesser publicized but no less significant impact of the Tax Act on divorce -- even though the changes do not take effect until 2019, the effects can be far reaching.