Alimony, or spousal
support is a court ordered payment from the spouse who earns
the highest income to the other spouse. Alimony laws exist to
help a spouse ease into life after divorce; it prevents the
person from having to drastically lower his or her standard
of living after a divorce. Financial situations in which both
couples are employed usually do not merit spousal support payment.
When presiding
over a divorce settlement and deciding whether to issue a court
order for alimony, the judge will consider several factors such
as the length of the marriage, the economical dependence of
one spouse on the other, their respective ages and how well
they conduct themselves in court.
One important
piece of divorce information regarding alimony is that it qualifies
as a tax deduction to the spouse who pays it, while the person
who receives alimony must pay taxes on it. Child support, on
the other hand, is neither tax deductible to the person who
pays it nor is it taxable to the person who receives it.
If it would result
in a tax advantage for both parties, it may be sound divorce
advice to consider paying alimony regardless of what the judge
would rule. That’s one way of keeping a divorce low cost.
As a result, coping with divorce can be much easier for everyone.
When making decisions
about how to get a divorce or when looking into divorce support,
keep your tax goals in mind. If you consult with a professional
for divorce help, be sure that the attorney or financial advisor
considers both your present financial situation and your long-term
tax goals.
Nathan Dawson
writes for http://www.lifeaftermarriage.com
a great online source for finance information.
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