Anytime a couple chooses to separate, they'll be faced with an assortment of challenging issues. This includes child custody arrangements, asset division and alimony. For couples with high-asset divorces, determining how belongings will divided and how child custody will be arranged can be even more difficult. Unfortunately, making decisions regarding alimony and child support is an incredibly important task that each couple must face.
It's important to note that in 2019, laws regarding alimony will be changing. These new policies will affect couples who divorce in the future, especially those who will be required to pay alimony to a former spouse. Under the new regulations, the party who pays alimony will no longer be able to deduct the payments on their taxes. Similarly, the recipient of the alimony payments will not pay taxes on them.
While separating, couples should consider how they will handle alimony payments and child support. For couples who want to make payments through a retirement account transfer, this will become possible. It's important to keep in mind that the primary purpose of spousal support is to ensure that the standard of living for the former spouse remains the same.
Couples who are planning to divorce may wish to seek guidance from a family law or divorce attorney to guide them through the separation and divorce process. An attorney may be able to offer assistance throughout the divorce process and answer questions about alimony, spousal support, child support payments and tax law in relation to these issues. It's important for anyone in the midst of a divorce to get the help they need to make the process go as smoothly as possible.