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Spousal Support Archives

How a lawyer can guide you through an alimony dispute

Alimony, or "spousal support," is when one ex-spouse must send payments to the other. The court orders or enforces spousal support whenever there is a disparity in income between the spouses. For example, if Spouse A is a successful surgeon and Spouse B is a gas station attendant, the court will likely order Spouse A to pay support to Spouse B.

Are alimony payments deductible from your taxable income?

Taxable income refers to the amount of money you earn in a given year from which the IRS may collect taxes. Generally, taxable income is the sum of all your revenue minus adjustments and deductions. Alimony, or spousal maintenance payments, are considered adjustments to income. In short, spousal support is deductible from your income.

Should you keep records if you receive spousal support?

In short, yes, you should absolutely keep records of any spousal support payments you receive. Whenever a dispute arises the courts will look to and rely on any records that evidence the ongoing conduct of the parties. The person who is able to produce the better and clearer records will have the upper hand during litigation. Additionally, spousal support payments are included in taxable income therefore, it is a good idea to track payments received in case you are audited by the IRS.

Will you owe spousal support? Part 1

Spousal support is not automatically awarded. There are a multitude of factors that the court considers when determining if you should pay spousal support. Spousal support (also called "spousal maintenance" or "alimony") is awarded only to maintain your ex-spouses standard of living. If your ex-spouse is able to support themselves with their own income, then you may not have to pay spousal support at all. This article will go over some of the factors the court considers in determining whether or not to order support.

You should keep records of your alimony payments

Alimony payments are mandatory, complicated to calculate, and have tax implications. They are complex payments that must be exact and paid on time. Failure to do either could result in you being dragged into court. So the question is: how can you maintain proper records to show as proof that you are paying on time? This article will go into the records you should keep.

Do you have to pay your ex-spouse alimony?

Spousal support, or "alimony" is not automatic, even if you have a prenuptial agreement. The court will still examine whether or not it is fair or necessary to award spousal support. Typically the court will consider the health, education, work history and current job prospects for your ex-spouse. If the court finds that there is a severe disparity in relative economic strength, then the court may award support to ensure that divorce does not result in your ex-spouse losing their standard of living.

Should you pay a lump sum or monthly spousal support payments?

There are two ways that you can pay spousal support, lump sum and monthly payments. This post will discuss the benefits and potential pitfalls of a single lump sum payment. Alimony, or "spousal support," is money paid by one ex-spouse to the other to compensate for financial disparities.

The records you should keep of alimony payments

Alimony, or "spousal support," is payment made from one spouse to the other to balance out the economic disparity between the two. Spousal support, although it is less common today than in previous years, is usually ordered following a formalized divorce or separation. The point of alimony is to ensure that the dependent spouse is not rendered penniless due to a divorce. It allows a spouse that forewent professional or educational development for the benefit of the marriage or children. This post covers the various records you should keep of spousal support payments and receipts.

Alimony can serve to help you build your new life

Getting divorced can offer you a fresh start on your life. This is especially true if you were dedicated to playing the role of homemaker throughout the duration of your marriage. If this is the case, then perhaps you placed the needs of your family above some of your own ambitions. But now, you may have the chance to pursue the opportunities that you had previously put on the shelf.

Am I at financial risk because I stayed home with the children?

Some families with young children find it easier to divide wage-earning and child-rearing duties. For families that can subsist on one income, this arrangement can be ideal for young children. But what happens when divorce enters the picture? For a divorcing parent who hasn't been building a career, maintaining a separate household can be a scary prospect.

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