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...
Spousal Support
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...
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...
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...
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...
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...
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...
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...
How can a person’s income affect their spousal support?
Spousal support or alimony can sometimes be a difficult topic for a divorcing couple to discuss. Like many divorce legal matters, when a couple cannot find a resolution that they both can agree upon, a judge will decide for them. With this being the case, there's a...