The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: alimony/spousal support||Date: 11/10/1999 7:53 PM|
|Author: foolishtomtom||Number: 20889 of 121565|
If at all possible, get the judge to specify the amounts for child support and alimony
(spousal support) separately. This will make the facts considerably clearer. Keep in mind,
however, that this is another situation where the tax considerations should color your
decision and not make the decision.
Some other factors to consider:
a) Judge should also specify when alimony ends. In my case it was either after 5 years, or immediately upon their re-marriage (guess when my ex got remarried... right: 5 years and 1 month after our divorce)
b) Judge should also specify when child support ends. Generally this is when child reaches 18, but a claus can be added that it continues until child reaches 21 if still at home and in school.
c) If there are multiple children, should specify how much to each child.
d) Make sure Judge specifies who gets to deduct which child(ren) on their tax return. This can avoid nasty situations later if same child gets deducted on two tax returns - just work out in advance how this will get handled.
e) Should also specify who pays for the child(ren)'s health insurance.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|