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Posts tagged "Alimony"

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Lump sum payments: Monthly alimony payments might be avoidable

When you go through a divorce, especially when you don't have children together, the last thing that you probably want is to be tied to your ex afterwards. For some people, the terms of the divorce mean that they won't be able to bid adieu to their ex for a long time. This is because they might have to make alimony payments.

Including alimony in your divorce isn't automatic

Alimony is a part of a divorce that is often misunderstood. Some people think that this is automatic in all divorces, but this is far from the truth. Instead, alimony is reserved for some very specific circumstances. If you are facing a divorce and think that you might need to seek alimony, you need to learn about what Maryland laws say about this matter.

Keep records to prove you paid alimony

You've been ordered to pay alimony. You may not be thrilled about it, even if you understand the reasoning behind the payments, but there is one upside: Those alimony payments are typically tax deductible -- at least for another year. For your ex, taxes will need to be paid as if the alimony payments were traditional income, but you can write them off and save a bit on your taxes.

3 reasons you could lose some of that alimony payment

You and your ex go to court and you're awarded indefinite alimony. After all, you're no longer young enough to get back into the workforce, and you gave up your career years ago to help your spouse achieve his or her dreams. You were counting on being supported in return, and you don't want the divorce to take that away when you have no other source of income.

Divorce issues that arise when splitting later in life

Divorces that occur later in life, after the age of 50, are usually referred to as gray divorces. These divorces can be a little more complicated compared to the ones that happen earlier in life, before wills, trusts, and inheritances come into play for most. Here are some common divorce issues that arise when splitting up later in life.

What is lump-sum alimony?

Alimony is a common and necessary component of many Maryland divorces. Although most spouses who have to pay alimony try to avoid an alimony award at all costs, there is a good reason why alimony exists. Mainly, it prevents less-moneyed spouses from being trapped in a toxic -- or even abusive -- marital relationship for financial reasons.

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