Divorce structured settlements could be looked at as alimony insurance. A divorce structured settlement can provide assurance to the ex-spouse receiving child support obligations, alimony or equitable division of marital property in the form of periodic payments that will be received On Time Every Time®. This reduces the time, cost and emotional energy for both sides that may otherwise arise in new court proceedings to resolve disputes. This will be of particular interest where the paying spouse has wildly fluctuating commission or bonus income, lives a long distance away, or in another country.
Security--no fear of broken promises of ex-spouse, or the attendant costs to enforce decree and equitable distribution or alimony payments are:
Beginning Jan. 1, 2019, alimony or separate maintenance payments are not deductible from the income of the payer spouse, or includable in the income of the receiving spouse, if made under a divorce or separation agreement executed after Dec. 31, 2018 . Note that this also applies to a divorce or separation agreement executed on or before Dec. 31, 2018, and modified after December 31, 2018, as long as the modification:
On the other hand, generally alimony or separate maintenance payments are deductible from the income of the payer spouse and includable in the income of the receiving spouse, if made under a divorce or separation agreement executed on or before Dec. 31, 2018, even if the agreement was modified after December 31, 2018, so long as the modification is not one described in the preceding paragraph. [Source: Clarification of IRS Publication 5307, Tax Reform Basics for Individuals and Families for the repeal of deduction for alimony payments under the Tax Cuts & Jobs Act of 2017 as clarified and/or updated at IRS.gov February 8, 2022]
#divorcestructuredsettlements #equitable distribution
Last updated August 24, 2023
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