Before 2019, the payor deducted alimony on a federal tax return and the recipient paid taxes on it. Today, alimony is non-deductible and non-taxable in the manner of child support. However, there are strategies that can be used to minimize taxes while negotiating a settlement. For high net worth couples, these strategies include transferring retirement […]
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Some couples have unequal responsibilities when it comes to their finances. One spouse may be the high earner and make the investing decisions where the other is the lower earner and pays the bills. Clearly, the spouse who makes the investment decisions has more control and knowledge of the balance sheet and net worth of […]
A job loss during divorce may make negotiations for spousal or child support more complicated but not insurmountable. If you or your spouse lose a job, the divorce agreement can dictate a formula or percentage that will be used to compute the support payments after re-employment. This article provides tips and explains issues to consider when […]
During divorce, parents worry about the effects on children, both emotional and financial. Since financial resources will be divided between two households, children’s academic tutoring or extra-curricular activities may have to be cut back. It turns out that for white families, a drop in family income has a negative effect on the educational outcomes for […]