By Jennifer Webb Gordon, CFLS
“Why divorcing couples should consider creative solutions in their divorce”
If you are contemplating divorce you probably want to know “what you are legally entitled to.” This is the most common question asked by new clients, who often tell me “I just want what I’m entitled to.”
It is natural to want information to help with divorce planning and to set expectations.
Since divorce is a legal process, people turn to “legal entitlements” as a measuring stick.
What most couples contemplating divorce don’t realize is the restrictive range of outcomes available through the court system. Judges are limited by the laws that exist at the time you arrive in court. Laws change, and what is true today may not apply next year or next month. One recent example is the tax deductibility of spousal support (alimony) payments. Up until January 2019, spousal support payments were tax deductible to the party paying and taxable to the recipient. Today, the payment of spousal support is no longer deductible on federal returns. Similarly, the spouse who receives spousal support is no longer required to claim the amount as income on their federal tax return. This is just … Read More “Creative Divorce Solutions: Thinking Outside The Box”