How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ely Your Own Question
Ely
Ely, Counselor at Law
Category: Family Law
Satisfied Customers: 11730
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
7286322
Type Your Family Law Question Here...
Ely is online now
A new question is answered every 9 seconds

How much would you recommend setting aside in the sum of

Customer Question

How much would you recommend setting aside for alimony in the sum of $3500 a month? Also, do you recommend cashing in 401K or restricted stock units to pay for student debt or school? I have been a stay at home mom and am suddenly facing divorce while finishing my nursing degree.
Submitted: 1 year ago.
Category: Family Law
Customer: replied 1 year ago.
I was asking about how much in taxes should I set aside for 3500 in alimony in a month?
Customer: replied 1 year ago.
I live in Saint Louis, Missouri
Expert:  Steven K. replied 1 year ago.

What will your tax filing status be? Single? Head of Household? Do you have any other income?

With regard to the 401k, there is a penalty for early withdraw (about 10%) plus you pay income taxes on it when you withdraw it. So, if at all possible, it's best to avoid liquidating a 401k prematurely.

Customer: replied 1 year ago.
We were still married as of the last day of 2015. I wanted us to file together, but the opposing party wanted separate. I'm filing marred filing separately. I do not have other income as I am in school. He does receive resurrected stock units in the sum of approximately $30,000 every six months which I will be eligible to receive half of for the next couple of years. I want to use that money wisely to pay off debt and pay for school and child care expenses for our three kids. i just want to make sure I'm making wise choices regarding taxes.
Expert:  Steven K. replied 1 year ago.

Will you claim the children? Do you itemize deductions? If so, what do you think your deduction will total?