You may have already heard about the new alimony tax structure on the federal level. Federal taxes have the potential to make a major impact on your finances after divorce. Here is what the new rules could mean for you.
Alimony, or spousal support, is one of the most common terms spoken about during a divorce, next to child custody and property division. However, the subject of spousal support tends to be contentious and controversial. You and other Tennessee residents may be interested in learning why some people think alimony is outdated, while others say it is still necessary.
One of your first thoughts after separating from your spouse in Nashville is whether or not you may be entitled to alimony. If they were the primary wage-earner in your home, then it may seem only natural that you be supported in some way if you no longer have that income to rely on. The awarding of alimony, however, is not automatic, nor is based simply on the fact that your ex-spouse earned more than you do. Rather, the court's main concern is that you be in a position to enjoy a standard of living similar to what you did while married once your divorce is finalized.
Women’s rights have made impressive strides forward in the past few decades. It’s no longer considered out of the norm for a woman to have a college education and a career. It’s also still normal for women to choose to stay at home and raise their children, then pick up their careers later. Some women do it all. However, income disparities and hardships still persist, despite the advances women have had. At the law office of Rogers, Kamm & Shea, we understand that women can have it especially rough after a divorce. You and other Tennessee women might need to receive alimony for numerous reasons.
Despite the fact that alimony obligations are not meant to be punitive, many in Nashville may not be happy with having to pay them. Still, it is recommended that one dutifully do so, given that potential severe consequence could be waiting should one not keep up on his or her payments. Another recommendation that far too few people may follow is to retain all records of all alimony payments. One might hang on to payment receipts or paystubs for a couple of years, but most financial experts agree that they should be kept longer. One never knows when an old liability might surface.
When the divorce process is complete and ex-spouses fall into new routines, life can finally begin to settle down. However, not all Tennesseans experience such smooth sailing; some even go through issues years after a marriage has ended.
Sometimes, a divorce is simply inevitable. No matter what stage of the process, Nashville spouses going through this mountainous life change can hit many speed bumps. While there is no single solution to an issue in the divorce process, it can often help to untangle emotions and understand why a hurdle is so difficult to jump over. The following takes a look into the many feelings of love and separation in a new light.