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income
Unlike child support payments, alimony is to be reported as income by its recipients. Therefore, people who pay alimony are able to deduct the payments on their income tax forms. The deduction is only available if the payments are made according to a divorce or separation order, and voluntary payments do not qualify. Alimony does...
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Sadly, individuals sometimes experience a major setback when it comes to their employment. Sometimes, this setback takes the form of a pay cut or being moved to a job with a lower pay rate. Sometimes, this income drop is the outright loss of one’s job, through things such as layoffs. Employment setbacks can be particularly...
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Texas residents involved in a divorce proceeding are often surprised by how complicated the process is regarding spousal support, or alimony. The two types of alimony in Texas are spousal maintenance payments, which are ordered by the court, and contractual alimony. Laws regarding spousal maintenance were first enacted in 1995. In order to quality for...
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There is no doubt that financial issues can lead to the breakdown of a marriage for many couples. Some studies have found that financial disagreements could even increase the chances of filling for divorce by 30 percent over couples who do not fight about money. We can be honest here; most financial arguments aren’t over...
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