Going through a divorce can be a challenging experience, and it’s important to understand the various aspects of the process, including alimony. Often referred to as “spousal support” or “maintenance,” alimony is a key component of divorce proceedings.
What is Alimony?
Alimony is a financial support payment made from one spouse to the other following a divorce. If you earn significantly more than your spouse, you may be required to pay alimony. Conversely, alimony is less common in short-term marriages or when both spouses have similar incomes.
How Does Alimony Work?
If ordered by the court, you may need to make alimony payments until one of the following occurs:
- A judge sets a specific end date for the alimony payments.
- Your ex-spouse remarries.
- Your children no longer require full-time care from a parent.
- A judge determines that your ex-spouse has not made efforts to become self-supporting after a certain period.
- Other significant events, such as retirement or death, may also affect alimony payments.
You and your spouse can agree on the amount and duration of alimony, but if an agreement cannot be reached, the court will decide these terms through a trial.
Tax Implications and Record Keeping
Previously, alimony payments were deductible for the paying spouse and considered taxable income for the receiving spouse. However, as of January 1, 2019, under the 2017 Tax Cuts and Jobs Act, alimony payments are no longer deductible for the paying spouse, and the receiving spouse does not need to report them as taxable income.
Keeping detailed records of alimony payments is crucial for both parties, given these tax changes.
When to Hire an Alimony Lawyer
If your spouse fails to make alimony payments or does not adhere to the court’s terms, you may need to hire an alimony attorney. A lawyer can help enforce the court’s decisions and ensure that your rights are protected.
To find the best legal representation for your alimony case, visit our website. Our experienced lawyers are ready to provide you with expert advice and support throughout the process.