Divorce is one of those things that we don’t like to think about, but because over 50% of marriages end in divorce, it’s a sad truth that many of us may have to face. If you know your rights ahead of time, and always consult your lawyer that practices family law beaumont tx and/or tax professional that knows about these things, you can save some of the headache that comes along with the financial end of divorce.
Let’s take a look at the way that alimony and child support fall into place with this whole thing. These are two very different things. Alimony is money that a spouse receives because one spouse makes significantly less income than the other. The court makes the ultimate decision as to whether or not a spouse gets alimony, and how much that alimony is. Now, because this is considered another form of income for the spouse who is receiving it, it is taxable and must be claimed as thus.
Child support, on the other hand, is where the spouse who has primary custody of the children receives money to help support the children (and for nothing else- it is a prosecutable offense to use these funds for anything but things that primarily support the children involved. Because this money is meant for your children, it is not taxable (unless it’s found to be used for purposes other than taking care of the children).
Learning the difference between the two, working out details and knowing what you can do with them is important as you work out this whole process. By figuring things out, knowing what makes sense in the situation, and working with the right people, you can be sure that you’ve got all you need in order to move forward successfully.