Legally, we have one word that means the most in and out of the courtroom: fair. We look for fairness. Equity. And when it comes to divorce, equity is king, because you definitely want to steer clear of the chaos (especially if you have children). Think about it.
Divorce Is Ugly, But With Legal Representation, We Can Make It Work Out
This can largely be the case regarding alimony, or spousal support — something you may have to pay to the ex if the court establishes the order. You have one bastion of redemption, though, regardless of what side you’re on over the divorce. Your tax return.
Case in point, your alimony — unlike child support — is expenses paid to someone you’re directly not responsible for. That would be your ex. This, however, means, according to tax laws, that your alimony may be deducted from your taxes as long as it’s stipulated in the divorce agreement. If not, you’re left with an expense that won’t have to go to the kids if any. Keep that in mind.
On the flip side, though, if you’re receiving alimony as part of the judgement, that income you’re getting must be claimed on your income taxes. So it’s like we said: fair and equitable. You want that alimony? Be prepared to pay income tax for it. You have to pay alimony? You’ll at least get tax relief down the road.
Consult an Attorney as Well as an ITPN Expert for Your Tax Return
When it comes to divorce, information is power. Consultation is key. Get in the know, sign up for your internet legal plan, and when it comes to your taxes, don’t hesitate: sign up with the Income Tax Planning Network right now and get that 2-hour tax return taken care of with all your deductions. You have plenty of options when it comes to divorce. Choose the right one for you.