If you are a divorced Tennessee resident who pays or receives spousal support, a/k/a alimony, you may have heard rumors that the Tax Cuts and Jobs Act that Congress passed late last year and President Trump signed into law on Dec. 22, 2017, changes how those payments are treated with respect to federal income taxes. These rumors are true. While the new law does not affect the income tax returns you are in the process of preparing to file on or before April 15, 2018, everything could change for you next year.
It is not always young, minor children whose parents get divorced. In fact, with "gray divorce" increasing, a lot of adult children are facing the prospect of their parents splitting up.
If you are going through a divorce, you may have questions about what your financial situation will look like moving forward and whether you will receive spousal support or, possibly, child support. If you are divorcing someone who is also a military service member, you may have additional questions about whether you will still have access to military benefits following the divorce, and if so, for how long.