Spousal support is one of the first questions that divorcing people often want to discuss. Whether you will be paying spousal support, or receiving spousal support, the question is the same – “how much and for how long.”
Alimony and Spousal Support
Understanding the rules governing tax in relation to divorce will help you make the best decision during your divorce process.
Well, they would have to still pay child support because child support belongs to the child, it does not belong to the parent. So that obligation does not change but spousal support, yes, can change. In New Jersey, we do have an anti-cohabitation statute that does affect that, and interesting enough, in New Jersey, your […]
Well, both spousal support and alimony are both terms that we use to really say the same thing. In New Jersey we have four types of alimony; we have open-duration alimony and open-duration alimony was previously known as permanent alimony, we have limited-duration alimony, rehabilitative alimony, and reimbursement alimony. Open-duration alimony and limited-duration alimony […]
When people think about divorce and the next generation, finances and family wealth are often the last two things on their minds. In fact, discussing finances can be a taboo subject.
If you’re planning to divorce, you may want to hasten your proceedings to take advantage of pre-TCJA alimony tax treatment. Here’s why.
The US has treated spousal support as taxable income to the recipient and tax-deductible for the payor for the last 75 years. However, the new Tax Cuts and Jobs Act scraps this deduction for anyone who signs a separation agreement or gets divorced after 2018.
Have you seen cases where the high wage earner’s income suddenly and maybe suspiciously plummets just before divorce, perhaps because they’ve quit their high level job to take on one in which the person earns much less? If so, would spousal or child support be based on what the payer used to earn or what the person earns now?
If the moneyed spouse has been divorced more than once, will payments to previous spouses and/or children reduce the amount of spousal or child support that a third spouse for instance is likely to receive?