Is divorce settlement money considered income?
Is divorce settlement money considered income?
Maintenance payments made by a spouse or that are attributable to a payment made by a spouse is exempt income of the receiving spouse. If a spouse receives income from an existing trust as maintenance payments instead of directly from the other spouse, tax will be payable on that income.
At what age do you stop paying alimony?
There are many settlement options open to the alimony-paying party who wants to limit the term of alimony. For example, the parties’ agreement may specify that alimony terminates upon the retirement of the payor, provided that certain specifications are met, such as after age 65.
How do I get out of paying alimony?
How Can I Get Out Of Paying Alimony?Earning less than your spouse.If you got married for a short period of time.Request for a vocational evaluation.Ask for modification of termination of alimony payment.Pre-planning with a prenuptial agreement.Quit any unhappy marriage relationship early enough.Pay property taxes.
Does remarriage affect alimony?
The remarriage or re-partnering of the support recipient does have an effect on spousal support under the current law, but how much and when and why are less certain. Remarriage does not mean automatic termination of spousal support, but support is often reduced or suspended or sometimes even terminated.
