Sentences with phrase «on alimony payments»

If a paying spouse falls behind on his alimony payments, the receiving spouse can file a motion asking the court to find the paying spouse in contempt of court and request a wage garnishment for the past - due alimony payments.

Who knows, he may have an over-size credit card bill or is behind on his alimony payments.

Not exact matches

Put together a complete list of all debts including credit cards, student loans, car loans, alimony and child support payments, along with a breakdown of balances and the minimum monthly payments on each.

These include deductions for contributions to individual retirement accounts, alimony payments, certain moving expenses, and interest on student loans.

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).

You may be on the hook for child support or alimony payments.

Pay professional or union dues, alimony or maintenance payments (depending on your agreement date), and 2010 moving expenses, by year end.

The credit counselor sat down with Whitlock several times over the next few months and went over his finances in detail: how much did he spend on groceries, gas, mortgage, and alimony payments?

The cost of things like health insurance premiums (if you're on an employer's plan), alimony payments, and so on, may be out of your control.

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.

A creditor may consider whether income is steady and reliable, so be prepared to show that you can count on uninterrupted income — particularly if the source is alimony payments or part - time wages.

These include deductions for contributions to individual retirement accounts, alimony payments, certain moving expenses, and interest on student loans.

The adjustments — sometimes called above - the - line deductions because you can claim them whether or not you itemize deductions — include (among other things) deductible contributions to Individual Retirement Accounts (IRAs), SIMPLE and Keogh plans, contributions to Health Savings Accounts (HSAs), job - related moving expenses, any penalty paid on early withdrawal of savings, the deduction for 50 percent of the self - employment tax paid by self - employed taxpayers, alimony payments, up to $ 2,500 of interest on higher education loans and certain qualifying college costs.

A person who receives a monthly alimony or child support payment may depend on this support as part of his or her household's income.

Cavanagh v. Minister of National Revenue 2013 FCA 94 Income Tax — Deductions in computing income — Alimony Cavanagh was ordered to pay support in a specified amount per week as well as interest on any payments in default, from the date of default.

Uncontested: A type of divorce where both spouses have agreed on terms, such as alimony payments and child custody.

In support of its decision to decline to treat any part of the temporary alimony as an advance on equitable distribution, the family court noted that both parties treated the payments as alimony for tax purposes.

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.

If you are the spouse that is dependant on the other spouse for the payment of child support or alimony, than chances are you would like to have a consent judgment entered.

From alimony payments to child custody arrangements, you and your soon - to - be-ex-spouse may disagree with one another on one or several terms of the divorce settlement.

Under the new Act, alimony payments will not be tax deductible for the payor spouse, and alimony will no longer be considered gross income for the recipient in divorces and legal separations that are executed on or after January 1, 2019.

Whether that means working to finalize a divorce or separation by the end of 2018 or considering the impacts of alimony payments on both parties in 2019 and beyond, family law professionals must keep these new provisions in mind.

Has your former spouse fallen behind on alimony or spousal support payments?

Alimony recipients have been taxed on the payments they receive.

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.»

Under the new law, the paying spouse will not be able to deduct alimony payments from income and the receiving spouse will not be required to pay tax on the alimony income.

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

Even though you're getting divorced, you may still rely on your former spouse for financial support — alimony, child support, and mortgage payments are just some of the financial obligations ex-spouses may negotiate in the divorce settlement.

If you are the spouse that is dependant on the other spouse for the payment of child support or alimony, than chances are you would like to have a consent judgment entered.

Under the new tax law, the higher earning spouse will be required to pay all of the tax on the funds used to pay spousal maintenance or alimony and the recipient will get the payments tax - free.

According to the new tax code, in divorces settled after this December 31 alimony payments will no longer be deductible nor reportable as income on annual tax returns.

(If your spouse is planning on getting remarried after your divorce, that will affect alimony payments, but only after the next marriage is finalized.)

If one of your clients expects to receive spousal maintenance or alimony as part of a divorce settlement or court order, you may want to delay finalizing that client's divorce until the beginning of 2019 so he or she won't have to pay tax on the alimony or spousal maintenance payments.

Instead, the court sets the term and amount of alimony payments based on several factors.

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.

Far from being «hired guns», they are called in to advise the clients and their attorneys as to the financial realities, and help structure the payment of alimony and child support, assist with the distribution of property and advise on the tax consequences.

Alimony, or spousal support, may be awarded to either spouse on a temporary or permanent basis, and may be awarded in a lump sum or by scheduled payments.

How you proceed depends on whether you have a separation agreement or court order that provides for your alimony payment.

Relief might include temporary orders for alimony or child support, as well as a demand on your spouse for payment of all attorney's fees.

If the payments otherwise qualify, you can deduct them as alimony on your return.

If a divorce or separation agreement requires you or your spouse or former spouse to pay home mortgage interest on a home owned by both of you, the payment of interest may be alimony.

Lump sum payments, assumption of debt, a distribution from assets, paying third parties (such as the mortgage bank) on behalf of the recipient spouse, are some of the creative ways alimony can be managed.

This free mortgage training video discusses liabilities to include for monthly debt payment - to - income - ratio, this part focuses on monthly housing expense & payment on all installment debts, example calculation on student loans repayment & student loans in deferment or forbearance, alimony, child support or maintenance, monthly payments on revolving or open - ended accounts regardless of balance, monthly lease payments, aggregate net rental loss, monthly payment amount for other properties and more.

The back - end ratio takes into account all of your monthly debt obligations: your expected housing expenses PLUS credit card bills, car payments, child support or alimony, student loans and any other debt that shows up on your credit report.12

[monthly house payment (PITIA - the front end DTI as discussed above)-RSB- + [second mortgage, home - equity loans or home - equity lines of credit payments if any] + [credit card payments] + [auto loan or lease payments] + [alimony] + [any other payments on credit accounts or loans] / [total gross monthly household income]