Sentences with phrase «liabilities in your separation agreement»

Not exact matches

One case that appeared to provide some guidance (although it involved the enforceability of an indemnity provision, not a confidentiality provision) considered a separation agreement in which a wife agreed to indemnify her husband for 50 per cent of any payment he might be required to make in the future in respect of retail sales tax liability that he had failed to declare.

A separation agreement can encompass as much or as little as the parties agree to, but the various possibilities include an agreement that the parties are separating by consent and a defining of each party's respective rights as to the division of their assets and liabilities, as well as in the event of a spouse's death.

But even though these states do not recognize legal separation, a separation agreement can still help organize what you and your spouse agree upon in terms of how assets and liabilities will be allocated, how child support and support claims will be arranged, and how property will be divided.

Under both federal and state income tax rules, alimony will be deductible by the payor spouse, and is taxable to the receiving spouse, provided that: (1) the payments are in cash and not in kind; (2) the payments are made incident to divorce or to a separation agreement; (3) the parties have not designated the payments as non-alimony; (4) the parties are not living in the same household; and (5) the payor has no liability for payment after the death of the payee spouse.

In fact, most divorce lawyers go out of their way to disclaim any liability for tax advice in separation agreements and fee agreementIn fact, most divorce lawyers go out of their way to disclaim any liability for tax advice in separation agreements and fee agreementin separation agreements and fee agreements.