Category: Spousal Maintenance
Divorce is never easy, but mental health issues can add an additional layer of complication. Minnesota is a no-fault dissolution state, so illness (whether physical or mental in nature) cannot serve as grounds for divorce. Still, mental illness can play a significant role in several aspects of divorce — most notably, maintenance and child custody.
Recent changes in and proposals regarding Minnesota (and federal) legislation promise to significantly alter the divorce process. Changes to spousal maintenance arrangements are of particularly significant concern to both currently divorcing and already divorced spouses. It is important to keep abreast of such developments, as they could impact your tax return or your maintenance obligations. Read on to learn more about recent updates in spousal maintenance law:
Republican lawmakers gathered shortly before Christmas to celebrate their crowning achievement of 2017: an overhaul of the United States tax system, including significant tax cuts for many Americans. For lawmakers, this marks a high point in a drawn-out effort, but for the rest of us, the process is just beginning. The legislation favors some more than others, and unfortunately, many divorcees may see their tax burden rise in the near future.
We’ve all seen the clips on entertainment shows or read the headlines of magazines in the checkout line at the grocery store about spouses of celebrities, sports figures and business leaders receiving multi-million dollar settlements.
A divorce doesn't just involve the two spouses and their lawyers. In any divorce proceeding, there are a variety of legal factors involved. The more issues present, the more experts will generally need to be involved. Some of the typical roles in a divorce include a home appraiser, custody evaluator, vocational assessor, business appraiser, and an actuary. The number of experts present will obviously increase the overall cost of the divorce, but they will also ensure that the proceedings are as fair as possible. A home appraiser is the most common …
It is important to know how the IRS treats spousal maintenance and child support to ensure that both are considered correctly on your income tax return. Generally speaking, spousal maintenance is tax deductible to the payor, but the payee (recipient) must pay taxes on it. Child support is not tax deductible to the payor, and the payee does not have to pay income tax on it. While it is easy to determine what is characterized as “child support,” it can be a bit more complicated to determine what qualifying “alimony” is. Alimony, in order to be tax …
Spousal maintenance is a factor-based award in Minnesota. In this quick guide, find key information concerning spousal maintenance awards in Minnesota: Need: The party seeking spousal maintenance must establish a need. This is determined by comparing the party’s projected monthly budget against the party’s ongoing income. Ability to Pay: If a party establishes a need for spousal maintenance, the other party’s ability to pay will be examined. This is determined by comparing the party’s projected monthly budget against the party’s ongoing …
As more and more counties adopt the early neutral evaluation model, fewer divorce litigants face the prospect of a motion for temporary relief. A decade ago, nearly every party to a divorce would seek some sort of temporary order from the judge, given the fact that few alternatives were available for immediate structured debate and discussion concerning issues like custody, parenting time, child support, property division and spousal maintenance.