Pittsburgh Family Law Attorney Brian Vertz Continues Tax Reform Discussion on New Laws, Alimony Deductions
In a recent NBC News article, Pittsburgh family law attorney Brian C. Vertz discusses the impact new tax laws taking effect next year as part of the 2017 Tax Cuts and Jobs Act will have on divorcing couples.
A survey conducted by the American Academy of Matrimonial Lawyers found nearly two-thirds of its members believe upcoming divorce cases will become more acrimonious under the new laws and that the plan offers greater benefit to the payee in terms of spousal support.
“It’s a financial hit for both the payer and the recipient in the sense that it may discourage many payers from agreeing to pay alimony,” said Vertz on the matter.
Vertz, who focuses his practice on complex financial and tax-related matters in matrimonial law, is a partner at family law firm Pollock Begg Komar Glasser & Vertz LLC and author of Frumkes and Vertz on Divorce Taxation as well as the tax blog FamilyLawTaxAlert.com, which provides current analysis on tax and financial issues for divorce lawyers and their clients.
The alimony deduction has existed for 76 years and created incentive for spouses to pay alimony. In many cases, there is not enough property or liquidity to allow both spouses to achieve financial stability after divorce. Alimony provides a source of income to refinance a mortgage after divorce, or get a college education, or simply close the household budget gap until a spouse can earn more through working. Alimony helps divorce cases to settle by motivating spouses to pay alimony to those who need it.
Learn more about Vertz’s knowledge of business valuation, taxation in complex divorce cases and the various tax implications intertwined with marital law by visiting his team bio page or the firm’s website. To contact Vertz for an interview, call the office directly (412) 471-9000 or the firm’s agency, Ideality Communications at (724) 359-5225.