Sentences with phrase «make alimony payments»

If you take over certain loan payments, make less money than your former spouse or are required to make alimony payments, you will need to re-establish your monthly budget and financials.

Some examples include prepaying your home mortgage interest in a given year, making an alimony payment in December as opposed to January, and writing off an asset using section 179 expensing or bonus depreciation as opposed to depreciating it over several years.

Not exact matches

AGI excludes certain types of income received (e.g., municipal bond interest, most Social Security income) or payments made (e.g., alimony paid, IRA deductions, moving expenses).

You may also be asked to show proof that alimony and child support payments have been made in the past reliably, so that the lender may use the income as part of your VA loan application.

Many fathers felt this unjustly left them with little access to their children while also making them responsible for large alimony and child support payments.

SYNOPSIS: Out of work and with alimony payments to keep up, Jimmy Logan comes up with a plan to make some fast money.

Tax laws change every year, but adjustments to income typically include expenses you incur as an educator to purchase supplies and materials for the classroom, moving expenses that relate to starting a new job, student loan interest and tuition payments, alimony payments you're required to make, contributions to your IRA accounts and a number of others.

Bankruptcy will not normally wipe out: (1) money owed for child support or alimony, fines, and some taxes; (2) debts not listed on your bankruptcy petition; (3) loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan; (4) debts resulting from «willful and malicious» harm; (5) student loans owed to a school or government body, except if the court decides that payment would be an undue hardship; (6) mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is taken back by the creditor).

Allowable adjustments include one - half of your self - employment tax payments, alimony payments you make, IRA contributions, payments of student loan interest and health savings plan contributions, to name just a few.

Keep in mind, though, that the IRS won't consider the payments to be true alimony unless they are made in cash and spelled out in the divorce agreement.

A person making qualified alimony payments can deduct them.

Since secured loans, child support and alimony and some other debts can not be included in a bankruptcy, you will still need to make your regular payments on these obligations even if you declare bankruptcy.

Fines, fees and interest for everything from credit cards to child support or alimony payments can accrue over the years and make even a small debt grow to large amounts.

For example, you might want to set up automatic payments to make alimony or child support payments.

You can count child support and alimony as income if you have the court order mandating the payments and proof that they have actually been made for the last six months.

You may also be asked to show proof that alimony and child support payments have been made in the past reliably, so that the lender may use the income as part of your VA loan application.

You may not make a payment of alimony, child support, or court - directed payments through Webster Mobile Services.

You may not make a payment of alimony, child support, or court - directed payments through Webster Online Services.

I had made some smart financial decisions along the way, though, like driving a 15 - year - old car (that I paid to «upgrade» with a $ 500 Maaco paint job) until my alimony payments stopped.

Similarly, the alimony payments you make to a former spouse are fully deductible irrespective of your AGI.

Domestic Relations Order - Any judgment, decree, or order (including approval of a property settlement agreement) that (1) provides child support, alimony payments, or marital property rights to a spouse, former spouse, child, or other dependent of a participant, and (2) is made pursuant to a state's domestic relations law (including a community property law).

Following our divorce, we agreed under a negotiated settlement agreement which is incorporated, merged into and made part of the court decree for a one - time payment of $ 746,800.00 USD for Family support (this includes child support, alimony and medical support).

Family courts attempt to balance these circumstances through alimony, a payment that the court may order one person to make to the other when a couple separates or divorces.

I wish to hire your legal service to help me file a petition against my ex-husband for failure to make court ordered payment for Child Support, Alimony and Medical Support.

Alimony, also sometimes called spousal support or spousal maintenance, is a payment made in either monthly or quarterly installments (or in rare occasions, a lump sum) that is supposed to serve as a financial buoy to the spouse who is disadvantaged.

More than just a template, our step - by - step interview process makes it easy to create a Demand for Alimony Payment.

Some of the main topics that need to be addressed are child custody, referred to now as legal decision - making, parenting time, child support, alimony (i.e., spousal maintenance), a division of marital assets and debts, and the payment of attorney fees, expert witness fees, and court costs.

It is a valuable tool, however, to begin the process of untangling two intertwined lives and talking about important decisions that must be made about issues like child custody, child support payments, property and asset division, and alimony.

After the family court issued a final order awarding her $ 500.00 per month in permanent periodic alimony, Wife filed a motion pursuant to Rule 59 (e), SCRCP, requesting the family court reconsider its decision to not award her attorney's fees and credit her the payments she made on the second mortgage.

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.

Alimony is typically a monthly payment that is made to provide for the maintenance and support of a spouse after a divorce.

Alimony is a regular payment one spouse makes to the other spouse to provide financial support during and / or after a divorce.

Alimony is a monthly payment made after a divorce is final to help former spouses meet their expenses.

Spouses receiving alimony will no longer need to pay taxes on that income, but that savings will not likely make up for a significantly lower payment.»

On the other hand, if you are the one making alimony or child support payments, you have another set of questions to answer.

Alimony, also known as spousal support, consists of payments that one spouse makes to the other person after their divorce is final to maintain the same standard of living after the divorce.

It makes good sense to not overextend the obligation longer than needed; so using your alimony payments as an example, only get a policy term of 10 years for 10 years of alimony responsibility.

Tips for qualifying for a Mortgage while going through Divorce 12/15/2015 Get it in writing — make sure payments for alimony and child support are agreed to in writing and ideally continue for at least 3 years.

Courts may order alimony payments as part of a divorce decree and will typically order the paying spouse to make payments directly to the receiving spouse.

The most common mistakes attorneys and clients make during a divorce include not considering the tax consequences of a settlement, allowing family and friends to interfere with decisions, allowing emotions to dictate decisions, forgetting you may need cash after the divorce, not securing divorce payments with insurance, trying to hide facts or assets, quitting a job to get more child support or alimony, failing to prepare for settlement negotiations or mediation, dating during a divorce, putting the children in the middle of the divorce, getting emotionally attached to an assets, and neglecting post-divorce financial planning.

Alimony, child support, and other divorce payments must be secured by adequate insurance to make certain you are protected if your ex-spouse becomes disabled or dies.

(12) «Obligee» means the person to whom payments are made pursuant to an order establishing, enforcing, or modifying an obligation for alimony, for child support, or for alimony and child support.

You want to make sure that you can structure the alimony payment such that you will be able to qualify for the mortgage you need after the divorce is final.

(13) «Obligor» means a person responsible for making payments pursuant to an order establishing, enforcing, or modifying an obligation for alimony, for child support, or for alimony and child support.

In order to qualify for alimony, the requesting spouse must prove need and that the paying spouse is financially able to make the payments.

Alimony payments were historically made from the husband to the wife, the idea being that the husband was the one who worked and the wife would be the one to stay home and raise children.

Reimbursement alimony is a one - time payment to compensate a spouse for economic or noneconomic contributions he or she made to assist a spouse in a marriage that lasted not more than five years.

To obtain deductible - includible alimony under the old law, the payments must be made in accordance with a divorce or separation instrument.

If you and your ex-spouse continued to share a residence after the divorce, any alimony payments made during that time can not be deducted.

This can provide an incentive to the ex-spouse who is making the payments to attempt to classify part of child - support payments as alimony, especially as state laws increasingly complicate the requirements for support.