Getting a divorce is a major financial decision since you and your spouse will have to separate assets and accounts. When you decide to end your marriage, you'll also need to determine who is responsible for certain debts and determine who will receive spousal support...
Spousal Support
How to report alimony payments on your taxes
For couples in Texas who have been through a divorce or are about to get divorced, understanding how alimony interacts with taxes is important. The alimony tax rules have changed and are scheduled to change again, and this will have a major impact on taxes for both...
How do judges decide the alimony amount you must pay?
You recently learned that you must pay alimony as part of your divorce. While you have considerable assets, you still want to know how to budget your post-divorce finances accordingly. What income does the court consider when deciding how much alimony a person must...
How long does spousal support last?
Spousal support provides financial support to one spouse after a marriage ends. The intention is to prevent one spouse from having financial troubles if he or she had substantial support from the other spouse during the marriage. It often is an issue in cases where...
Are child support and alimony taxable?
The only thing worse than your ex taking all your money is the government taking it, too. Divorce has several tax implications that will affect how you file. Knowing these changes ahead of time can prevent mistakes and last-minute stress. One of the questions you may...
Getting the facts straight about Texas alimony
Alimony, which Texas law refers to as spousal maintenance, can be a topic that raises concerns for someone contemplating divorce. It does not help that a lot of misinformation continues to circulate and generate misplaced panic for higher earners.The top myth that...
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...
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...
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...
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...
