Kimberly Nelson, CFA®, CDFA, is an Advisor at Coastal Bridge Advisors, one of the many excellent financial advisory firms on the Harness Wealth platform. She has been working with high net worth divorces in the Los Angeles area for more than 15 years. Coastal Bridge ranks amongst the top 4% of Registered Investment Advisers in the country as measured by assets under management (AUM), one of their many distinctions as a firm.

For all divorces filed on January 1, 2019 and onward, several new tax rules based on the Tax Cuts and Jobs Act (TCJA) passed at the end of 2018, now apply. Shared wisdom from friends or family who may have divorced a few years ago (while well-intentioned) may no longer be relevant.

Updates: Tax on Support

Updates: Tax Filing Status

During this emotional and often confusing time, couples should recognize that it is in both parties’ interest to know these various rules and work together accordingly to achieve the best possible arrangement. Consult experienced legal, financial, and tax advisors who have shepherded clients through these difficult issues. With the right planning, you can have the confidence of knowing that a complicated situation was dealt with in a way that made the most of your financial potential and will set you and your family up for future success.

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