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Offering divorce and family law options to fit
your needs, and focused on reducing the emotional
and financial toll to your family.

Alimony Archives

Handling alimony after tax law changes

People planning to file for divorce may be particularly concerned about the financial impact of the end of their marriage. This can be especially true for couples with a high-asset divorce and significant income, as spousal support and alimony may be a factor in the split. There are changes being made to how spousal support is handled in terms of taxation that can be significant for couples who expect to complete their divorce settlements in 2009 and later.

The ramifications of tax reform on alimony

If an individual signs a divorce agreement or similar document after 2018, he or she may not get a tax deduction on alimony payments. That may have a significant impact on divorce agreements in California and throughout the country. For the past 75 years, alimony payments have been eligible for a tax write-off while they are counted as income to the recipient. The change is just one of many included in the new tax bill.

Alimony deduction may be on the chopping block

One part of the proposed tax reform legislation that may impact some people in California is the proposal to do away with the alimony deduction. Under this proposal, people who are ordered to pay alimony to their ex-spouses would no longer be able to claim their payments as deductions on their taxes.

David Hasselhoff moves to stop spousal support to ex-wife

On Sept. 18, actor David Hasselhoff reportedly asked a California judge to end the alimony payments he was required to make to his ex-wife. He had reportedly been making monthly payments of $21,000 to his ex-wife from 2006 to 2016 when those payments were cut down to $10,000 a month. They were married for 16 years before getting divorced.

Alimony impacts ability to get mortgage in California

When a person is considering purchasing a new home, they might not be aware that receiving or paying alimony can impact their ability to get a mortgage. Lenders have to look at a person's whole financial history before making a decision on whether to award the mortgage, and alimony payments can become the difference between being accepted or denied.

Alimony can be ongoing or paid in a lump sum

When a California couple goes through a divorce, the lower-earning spouse may request alimony as part of the court order. Alimony is often awarded to a person who earns no income or a much smaller one than the other spouse. In many cases, spouses who request alimony are those who gave up or did not even pursue a career in order to raise children or otherwise take care of the household.

The possibility of paying alimony in a lump sum

After a divorce, many California couples are confronted with the requirement that one spouse pay alimony to the other. This can be an ongoing issue both financially and personally. Those who pay or are receiving their alimony on a monthly basis need to know that they could have a lump sum option. This might be attractive to both parties.

Preparing to file taxes after going through divorce

A California resident whose divorce has been formalized would begin to file as a single party with the tax return for that year. Being ready for that first tax return is important, making it wise to collect needed financial records even as the marital matters are being completed. It is important to be sure that one's Social Security number is separate from an ex-spouse's. It is also important to clarify matters relating to using deductions for children on income tax returns before a settlement is finalized.

Court orders Morena Baccarin to pay support

California television fans might be interested to find out that Morena Baccarin, who is an actress in the "Gotham" series, was recently ordered to pay her estranged husband a total of $23,042 per month in child and spousal support. The couple are in the middle of a divorce and have a 2-year-old son together.

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Miller & Associates, Attorneys LLP
Miller & Associates, Attorneys LLP
6542 Lonetree Boulevard
Rocklin, CA 95765

Phone: 916-780-0848 
Fax: 916-780-0787
Miller & Associates, Attorneys LLP
2280 E. Bidwell Street, Suite 204
Folsom, CA 95630

Phone: 916-365-4941 
Fax: 916-780-0787

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