If you're planning to get divorced or are even just thinking about it, you could already be running out of time to get that done before new tax rules take effect.
The Tax Cuts and Jobs Act made it so that a taxpayer will no longer be able to deduct alimony payments made to an ex-spouse. And the recipient of that money will no longer pay taxes on that income.
Those rules cover divorces that happen after Dec. 31, 2018. So if you are facing alimony payments, you may want to have your breakup finalized before then.
And because some states, such as California, require a six-month waiting period before a divorce can be finalized, you could be on the verge of missing the deadline if you don't get the process started.
"If someone is thinking of filing for divorce this year and they want to take advantage of alimony rules that are in place today, they need to start acting soon, because the clock is running out," said Megan Gorman, managing partner at Chequers Financial Management.