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JD 1992
JD 1992, Lawyer
Category: Family Law
Satisfied Customers: 32318
Experience:  Began practicing Family Law in 1992
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When a financial settlement is made in a divorce to the spouse

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When a financial settlement is made in a divorce to the spouse in the amount of around 20000 dollars, what is the tax implication for the receiving spouse? What is the best thing to do with the money in order to pay the least amount of taxes at the time of settlement or is it better to pay taxes initially in order to avoid paying more later ?
Submitted: 6 years ago.
Category: Family Law
Expert:  JD 1992 replied 6 years ago.
It depends on what the settlement is for and how it is characterized in the paperwork. If it is for child support, that portion is not taxable whereas if it is for alimony it is. If it is a property settlement it is likely not taxable. As a general rule it is better to pay the taxes when due.





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