Finances & Divorce

Tax Consequences of Alimony

As Defined in Section 71 of the U.S. Internal Revenue Code, it is mandatory that alimony (spousal support) is included in the recipient’s gross income. On the other hand, the payer is able to exclude it from gross income. In order for the payments made to qualify as alimony, the following must be… Read Full Post

Debt Division and Asset Protection by State

When a married couple is unable to divide their property and debts by themselves, then it is up to the state courts to divide the property. There are two primary schemes that the courts use: Community Property and Equitable Distribution.
Community Property law states that all property of each married party is considered either community property,… Read Full Post