Divorce has tax implications. An experienced divorce attorney can help you navigate the many tax consequences of a divorce. It is important that you choose the right attorney to represent you in your divorce proceedings. Not choosing the right attorney can make an already painful experience significantly worse for you.
The purpose of the marital settlement agreement is to show the court the terms upon which you and your spouse have agreed to part. It is a written agreement entered into by the spouses getting divorced stating their rights and agreements pertaining to property, support and custody. To create a marital settlement agreement, you and your spouse must make hard decisions about your property and your children. There are many issues to consider and negotiate.
If you receive spousal support, you must report it as taxable income. If you are paying spousal support, you can deduct it. You can, however, make spousal support payments nontaxable and nondeductible as long as it goes both ways and you both agree by stating as much in your marital settlement agreement. You might do this if the spouse receiving support is in a higher tax bracket than the paying spouse or if the paying spouse doesn’t need the tax deduction and the recipient spouse doesn’t want to report the income. Child support is neither taxable nor deductible.
Contact us if you are planning on a divorce in Macon GA (Georgia), or in Roberta, Warner Robins, Forsyth, Byron-Centerville, Culloden, Fort Valley, Haddock, Jeffersonville, Lizella, Perry, Gray, Irwinton, Milledgeville and Vienna including Bibb County, Monroe County, Jones County, Crawford County, Peach County, Twiggs County, Baldwin County, Dooly County Houston County, Wesleyan College, Macon State College and Mercer University. Our divorce attorneys are based in Macon GA (Georgia).
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Macon GA Divorce Lawyer – GA Contested Divorce – GA Uncontested Divorce – Warner Robins Air Force Base military divorce lawyer
Macon Georgia, Warner Robins GA Family Law Lawyer – Georgia domestic mediator.
