What are the alimony laws in Virginia?

What are the alimony laws in Virginia?

In Virginia, the law dictates that spousal support is awarded only when it’s necessary. Generally, courts have awarded support in marriages that are long-term, where the spouses had a large gap in income, or where a spouse has a disability or doesn’t have a job.

Is spousal support taxable in Virginia?

Currently, the Virginia alimony tax law allows the person providing spousal support to deduct the full amount of the alimony. Under the new bill, alimony will not be tax deductible for the payee, and the spouse receiving the alimony will no longer pay taxes on it.

Is Roth IRA protected from divorce?

A Roth IRA, like any other asset owned by the parties, is subject to property division in divorce. For example, the parties may agree that the account holder will keep the Roth, but the other party will receive a greater portion of the equity in the marital home.

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.