Sentences with phrase «earning spouse»

A divorce agreement usually involves alimony when one person makes more than the other; the higher earning spouse pays out alimony.

The orders can assist the lower earning spouse with financial help in several ways, including mortgage payments, attorney's fees, and interim child support.

The benefit was taxable, generally to the lower income earning spouse or common - law partner, and was not income - tested.

Still, many lower - income - earning spouses do return to work, even if their entire salary goes to pay for daycare.

There is good news for the lower - earning spouse who is worried about receiving her share of the 401k or pension.

That presents a tricky scenario, as you'll maximize your RRSP refund if the higher - earning spouse makes the contribution, while potentially lowering your tax cut.

Often, higher - earning spouses elect benefits early, exposing the surviving spouse to a longevity risk.

Most life insurance companies will allow you to buy up to the same amount of coverage your income - earning spouse carries, and these policies can be very affordable.

It is intended to supply a means of living to the lesser - earning spouse until and unless that person gains an independent means of support.

The best way to use them is for the higher earning spouse to contribute to a spousal RRSP in his or her partner's name.

Most life insurance companies will approve a policy of up to $ 1,000,000 of coverage for a work - at - home spouse, or equivalent coverage to the income earning spouse's policy.

Available to Tower members who receive earned income and non-wage earning spouses of Tower members

Education and Career — When a judge calculates alimony payments, he or she is typically looking to find a temporary amount that will help the lower - earning spouse get on their feet after the divorce.

Buying Life Insurance for a Non-Income Earning Spouse 4.

This can be taken by earning spouses looking to cover their non-working better halves.

In Ohio, the higher earning spouse pays for everything.

Essentially, the higher - earning spouse files for Social Security upon Full Retirement Age and then immediately suspends that filing, allowing the benefit to grow even more, at least until age 70.

To give you an idea of how much money can be saved, consider a couple where the lower earning spouse earns $ 15,000 and the higher income spouse earns $ 85,000 (with eligible registered pension income, CPP and OAS).

As long as you leave the money in there for three years, when it's withdrawn, it will be taxed in the hands of the lower - earning spouse at a lower rate.

If a higher - earning spouse passes away, the widow or widower can opt to get the Social Security benefit of the deceased, instead of their own.

As an example a household income of 20K / 100K split in income increases the tax burden for the higher earning spouse increases 3K.

For spousal support, mental health issues come into consideration in Virginia in terms of whether they impact the ability of the party requesting alimony to work or the limitations on the higher earning spouses work.

A Hawaii court might order temporary support after a divorce is final for one of two basic reasons: to assist a lower - earning spouse with the adjustment to a less expensive lifestyle, or to assist a spouse who needs time and financial assistance to complete education or training before becoming appropriately employed.

«Higher earning spouses no longer have a tax incentive to pay alimony.

In determining how much life insurance to buy, the I.I.I. recommends assessing the need to replace «hidden» income that is lost when an income - earning spouse dies.

For Non earning spouse and every additional adult, it is 50 % of Sum Assured.

It's common practice for the lower wage earner to take their benefit early, as early as age 62, while the higher earning spouse doesn't file for Social Security until age 70.

If you have a non-wage earning spouse (i.e., one who received no compensation during the year) and file a joint return, that spouse can open a separate IRA.

If you are the higher income earning spouse, the lender will want to know whether you have any legal obligations such as child support or alimony that might affect your ability to repay the mortgage.

Lower - earning spouses who claim their own Social Security benefit before full retirement age take a cut of as much as 25 %.

When the higher earning spouse makes an RRSP contribution, he or she is effectively reducing his or her taxable income (because the amount you contributed doesn't count).

First, the incipient discussion on introducing income - splitting for our tax system almost always assumes — on both sides of the debate — that the lower earning spouse is a woman.

Please read our article, «Purchasing Coverage for a Non-Income Earning Spouse,» to learn more.

Whether the lesser earning spouse can provide for his / her own needs with his / her property and suitable employment

If your client is the higher earning spouse in a divorce and the divorce settlement involves alimony or spousal maintenance, you should advise your client to finalize his or her Divorce Decree and Agreement Incident to divorce before December 31, 2018 if your client wants to deduct spousal maintenance or alimony payments from his or her reported income.

Spousal support is a payment that is made from a higher earning spouse or former spouse to a lower earning or non-earning spouse or former spouse.

Generally, the longer any marriage has lasted, the more weight it carries when judges are determining how to award a lower - earning or no - earning spouse a percentage of assets and / or alimony.

The general idea is to shift assets to the lower - earning spouse, who can withdraw more in retirement at a lower tax bracket.

If they were single, the high - earning spouse would lose 32 percent of her personal exemption, which would increase her taxable income by nearly $ 1,300.

The new report examines tax filer data and estimates governments are losing hundreds of millions of dollars a year in revenue from strategies used by owners of private companies to shift income to their lower - earning spouses and adult children who live at the same address.

In general, the lower - earning spouse, usually the wife, should collect benefits early at age 62 — even though they will be reduced by 25 % or more and subject to earnings limits — and the higher - earning spouse should wait until age 70 to collect the biggest retirement benefit.

If one spouse does not work or does not earn enough to max out IRA contributions, the higher - earning spouse can contribute on the lower - earning spouse's behalf.

Similarly, working mothers with a college education are more likely than those who have not finished college to say that they out - earn their spouse or partner (23 % vs. 8 %).

The thought of out - earning their spouse, even among the 45 % of self - described «successful» women, seems a major worry: only 1 in 4 wouldn't consider this an issue!

Even among self - described «successful» women, the thought of out - earning their spouse wasn't an appealing one with only 25 per cent seeing this as a non-issue.

The general idea is to shift assets to the lower - earning spouse, who can withdraw more in retirement at a lower tax bracket.