NEW YORK (FOX 5 NY) - 'Tis the season to call it quits. But this year, the old adage may prove true. When it comes to changes in the law as a result of the Trump tax cuts, it truly may be, as they say, "cheaper to keep her."
Famed divorce attorney Raoul Felder has handled some of the infamous and most complex un-couplings of some of the world's most recognizable couples. Prolonged divorces don't make him flinch. But the new tax code has him scratching his head. He called it a "whole 'nother ballgame."
The legislation makes some very big changes. First to alimony, which is no longer tax deductible. Felder said that could result in lower settlements for the lesser-earning partner.
Pre- or post-nup? There are changes there, too. And The bill also eliminates children as a tax deduction.
Felder said the whole thing is a mess because we don't know what individual states will do after Jan. 1.
This whole new world will certainly affect the rich but will undoubtedly hit unhappily married couples from all backgrounds hard.
Felder said you may be better off waiting to see how the tax code plays out before rushing into court to dissolve the marriage.
December usually a busy time for divorces. If you are unhappily married, you may want to remember this date: Dec. 31.