Alimony, also known as spousal support, is the money that a person pays to their ex after they complete their divorce. Often, alimony takes the form of periodic payments that one party sends to the other on a schedule and that may, at some point in the future, cease. In our state, a person may receive permanent alimony, if their situation demands it.
Marriages end for many reasons, and when they do individuals can find themselves facing many scary questions. If a North Carolina resident gave up their career to provide for their family at home, they may be fearful of how they will financially provide for themselves once they are legally untied from their spouse. Individuals who are financially dependent on their soon-to-be exes and who require financial support to maintain their lifestyles may qualify for alimony under North Carolina law.
Divorce is a difficult time for any Charlotte resident, and that means bad decisions are possible. Because emotions and stress levels tend to run on high during and immediately after a divorce, people may be prone to making important financial and legal mistakes that can come back to haunt them months or even years down the road.
Those in Charlotte who follow the goings-on in Washington politics are probably aware that Congress recently passed a comprehensive tax overhaul.
As the result of a formal divorce or a long-term separation, many Charlotte, North Carolina, residents will wind up paying alimony or spousal support to their former partner. Oftentimes, this may be done by agreement, perhaps as part of a package-deal negotiation between the two parties.
As previous posts on this blog have discussed, alimony and spousal support make up an important part of the divorce or separation process in North Carolina. Judges have broad discretion to issue alimony awards, and they often do so with an eye toward providing for a spouse's basic financial needs or making sure that, overall, their orders are fair and treat the parties even-handedly.
When making decisions regarding alimony issues, courts in North Carolina have to consider whether or not to award alimony in the first place. After deciding that it should award alimony, which some might refer to as spousal support, the court will then have to decide what amount the spouse who is going to pay alimony should contribute each month to the other spouse.
A new year means W2s and other paperwork arriving which forces us to turn our attention to our 2017 taxes. With that fiscal year closed, those who are new to a divorce settlement that includes alimony or child support may have questions about how this impacts their tax return. While it may actually be simpler to file as an individual, rather than as a couple in year's past, you may be finding this process as unfamiliar, especially if your ex-spouse usually handled the financials and the tax return.
When thinking about what it takes to make a marriage and build a life together, a lot goes into this process. Of course, a person's love and attention to their spouse and other family members. There is the financial aspect, where two people build their lives together. And then their are other aspects, managing personal growth among the marriage and those responsibilities.