Dec. 31, 2018 is the date by which couples need to get the terms of their divorce settled before the tax rules on alimony change, a result of the Tax Cuts and Jobs Act that was passed last year.
Under current rules, payments are tax-deductible for the payor and taxable income for the payee. Once the clock strikes 2019, however, those rules no longer apply.
This change upends alimony procedures that have been in place for more than 70 years. And it is projected to raise $6.9 billion for the IRS in the next 10 years.
Read the full story at CNBC.