A Texas couple that is going through a divorce or legal separation may have heard that the alimony is tax deductible. However, it is necessary that several conditions be in place for it to be so.
The outcome of a U.S. Tax Court case may impact the way Texas residents approach alimony payments. In order to qualify for an alimony deduction, said the court, money transferred to the ex-spouse must have been due under a legally-enforceable separation or divorce agreement. It is not enough simply to turn over the money.
Texas fans of Mary J. Blige may be aware that she filed for divorce from her husband, Martin Isaacs, in July 2016. The two had a prenuptial agreement that said neither would get spousal support in the event that they ended their marriage.
While the divorce process includes dividing property, and making decisions on child custody, one component that can cause much disagreement is whether a spouse should receive alimony or spousal support from the other spouse. Texas law outlines under what circumstances a spouse is eligible to receive alimony payments, how much the payments can be and how long they would receive the payments.
Spousal maintenance is often a part of a Texas divorce decree. Couples may not realize that alimony may affect their taxes depending on how it is referred to in the order. Alimony may be considered taxable income for the recipient, and it may be tax deductible by the payer.
Texas couples considering divorce may be interested in learning about the recent fate of the prenuptial agreement between a millionaire real estate agent and the immigrant wife he was sponsoring. In March 2011, the couple separated, and the two were divorced in 2012. However, the Ninth Circuit court said that the man must continue to provide support to his wife based on the I-864 Affidavit of Support that both parties agreed to.
When a Texas couple chooses to get a divorce, one party will often be ordered to pay. This might be significant due to the amount of money the payer earns or has. The amount and duration will be based upon a variety of factors.
If you're considering divorce, then you probably know that the divorce decree is the legal ruling that makes the end of the marriage official. But divorce is also a process, and the decisions you make while your divorce case is pending will affect your post-divorce situation.
In Texas, when a couple gets divorced, they can come to an agreement outside of court about whether one spouse should receive alimony, and the court is likely to approve the arrangement.
Texas fans of actress Morena Baccarin may have heard about her contentious divorce from director Austin Chick. On Nov. 19, she was ordered by a judge to pay her husband $23,042 per month in child and spousal support. The amount will be adjusted when it takes into account her health insurance payment.