An Important Message Regarding Spousal Support in New Jersey
One of the most challenging parts of any divorce settlement is the negotiation and ultimate agreement on alimony or spousal support. Alimony is financial support from one spouse to another and is usually received by the spouse with limited earning capacity or decreased ability to support him or herself post-divorce. An award for spousal support can be made during the pendency of the divorce action and becomes permanent once the divorce is finalized. Alimony payments are not usually forever, they are durational, and are meant to help the non-moneyed spouse become self-supporting and transition financially following the divorce. For more information click here. estate planning attorney near me , estate planning attorney new jersey Tax Treatment of Alimony Payments The tax treatment of alimony payments has long been a point of negotiation in divorce settlements. Up until now, both spouses received a benefit when an award for spousal support was made. Under the curre...