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Posts tagged "income"

Taxes and alimony payments in Texas

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.

Understanding alimony in Texas

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 maintenance, courts considered the ability to make payments, the needs of the spouse requesting payments, any disabilities affecting the spouse or children, the length of the marriage and if domestic violence was evident during the marriage.

Debt and divorce can go hand in hand for some Texas couples

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 having too much money.