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Difference between revisions of "Spousal Support"
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→Ensuring spousal support is deductible
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If you want to ensure that the money you are paying as spousal support is deductible, there are a couple of important points you must pay attention to in order to satisfy the tax man: | If you want to ensure that the money you are paying as spousal support is deductible, there are a couple of important points you must pay attention to in order to satisfy the tax man: | ||
*'''Court Orders:''' The order must clearly state a fixed, periodic sum that is being paid, and this fixed sum must be described as "spousal support" | *'''Court Orders:''' The order must clearly state a fixed, periodic sum that is being paid, and this fixed sum must be described as "spousal support." | ||
*'''Separation Agreements:''' In addition to a term describing a fixed, periodic sum as "spousal support", the agreement must also state that the parties have been separated since a certain date and intend to continue to live separate from each other. Payments for child support and spousal support should never be expressed as a single amount. | *'''Separation Agreements:''' In addition to a term describing a fixed, periodic sum as "spousal support", the agreement must also state that the parties have been separated since a certain date and intend to continue to live separate from each other. Payments for child support and spousal support should never be expressed as a single amount. | ||
*'''Unwritten Agreements:''' In general, the tax man will not recognize anything other than a written separation agreement or a court order. There are some exceptions to this rule, but you really should arrange your support payments in a formal fashion. | *'''Unwritten Agreements:''' In general, the tax man will not recognize anything other than a written separation agreement or a court order. There are some exceptions to this rule, but you really should arrange your support payments in a formal fashion. | ||
