
Tax Planning Tips for Couples Involved in a Cross-Border Divorce
By Anthony DiosdiIf you are divorcing or recently divorced, taxes may be the last thing on your mind. However, a divorce, in particular a cross-border divorce, may have a big impact on your finances. This article discusses some key tax tips to keep in mind if you are divorcing or recently divorced and you held assets located in the U.S. and abroad with your spouse.Understand the Changes to the Tax Treatment of Alimony and Separation PaymentsPrior to the enactment of the 2017 Tax Cuts and Jobs Act, if a spouse made payments under a divorce or separate maintenance decree or written separation agreement, the spouse was able to deduct them as alimony. This applied only if the payments qualified as alimony for federal tax purposes. If a spouse received alimony…