You probably know that saying “I do” may have a negative impact on your finances, but the Donald Trump tax reform has made the so-called “marriage penalty” even more burdensome for married couples.
Experts predict a rise in the divorce rate in Utah and across the U.S. after the tax reform. Despite its many positive effects on the country and state’s economy, the new tax law, signed by President Trump late last year, may prompt married couples to file for divorce more than ever before.
Married couples, especially those whose relationship is already on the rocks, may conclude that being married puts a large amount of stress on their finances after some of the tax overhaul’s new provisions.
The U.S. tax code has never been particularly marriage-friendly, our Salt Lake City divorce attorney says, but the new provisions, including altered state and local tax deductions as well as changes in alimony payments, could only further aggravate the problem of married couples in America seeking divorce due to unbearable taxes.
After reviewing the new provisions in the tax law 2018, our best divorce attorneys in Salt Lake City at Emy A. Cordano, Attorney at Law noted that the recent changes in the tax overhaul legislation might result in an unusually high number of divorce filings in 2018 and 2019.
Under the U.S. tax law, after getting married, two individuals with similar, higher incomes are penalized for entering a higher income bracket. In addition to that, exemptions remain constant. The combination of these factors is oftentimes referred to as “the marriage penalty.” As a result of the new provisions, the number of divorces could go up, while the number of married people filing separately could become a new trend in Salt Lake City and elsewhere in Utah.
Here at Emy A Cordano, Attorney At Law, our attorneys are often asked whether or not you can put the blame for a divorce on your spouse in the court of law in Salt Lake City or elsewhere in Utah.
Since Utah is a “no-fault” divorce state, you cannot blame your spouse for causing the divorce or destroying your marriage when filing a divorce petition in Salt Lake City or elsewhere in the state. More often than not, divorcing couples cite “irreconcilable differences” when pursuing a divorce in the state.
However, our Salt Lake City divorce lawyer explains that blaming your spouse for the breakdown of the marriage may have some legal value when letting the court determine alimony and divide property in the divorce proceedings.
You can file for divorce in Salt Lake City or elsewhere in Utah only if one of the spouses in your marriage has been a resident of Utah for at least 3 months immediately prior to filing a petition.
If you are concerned how your property will be divided during the divorce proceedings, seek a legal consultation with a Salt Lake City divorce attorney from the Emy A Cordano, Attorney At Law to find out what is the best legal strategy to ensure that you are getting a fair piece of marital property and assets in a divorce.