After years of supporting your wealthy spouse with their business or career, by taking care of the children, or by homemaking, by initially paying for their education or providing them the capital necessary to get started, or by doing all of the above and more, it probably seems unjust that your soon-to-be-ex-spouse wants to sever the marriage without so much as a fair alimony agreement.
The new tax law, which erases the ability to deduct alimony payments from taxes, may actually spur wealthy spouses to ask for a divorce very soon, as there are only a few months left before it goes into effect. Under the old and current law, the paying spouse could deduct their alimony payments from their taxes and those who sign alimony agreements before January 1st, 2019 will still be able to take advantage of this annual deduction in the years to come. Those who do not will be stuck with paying alimony without the tax write off. For spouses already considering divorce, this may be the last straw that breaks the marriage’s back. If your husband or wife has filed for divorce, you need to contact a San Jose alimony attorney immediately.
What Is Spousal Support and How Is It Determined?
Spouses, particularly well-off spouses, have an obligation to provide financial support, called spousal support or alimony, in a variety of situations. This money can be in addition to child support payments, which are used to provide for the child. Spousal support is used to benefit the lower-earning spouse with the following:...