Alimony, also referred to in some states as “maintenance”, is a payment to or for a spouse or former spouse under a divorce or separation instrument. Generally, court-ordered alimony is tax deductible to you and taxable to your recipient spouse or former spouse. If you are the person paying alimony, …
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Divorce and Your Taxes: Part 2 – Child Support
If you pay child support, it is not tax deductible to you nor is it taxable to your recipient spouse. However, when calculating child support, it is important to consider who will be claiming your children as dependents for tax purposes and also to calculate the economic benefit a recipient …
CONTINUE READINGFiling Jointly vs. Filing Separately
Tax details are not small details in a divorce; they can make a substantial difference in the award of property you receive or the amount of child support you pay. And yet, I find that tax implications are often brushed aside in the context of divorce settlement negotiations or completely …
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