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Questions about Lump Sum Alimony Laws

Deciding on alimony after an emotional separation or divorce can be quite tedious but necessary. One of the major benefits of lump sum alimony for the payee is to be able to continue a similar standard of life. There may be tax respite or tax levied on lump sum alimony.

Listed below are a few popular questions answered by Experts on lump sum alimony.

Does Mississippi state have alimony?

The state of Mississippi has alimony. Types of alimony recognized in Mississippi include permanent periodic alimony, lump sum alimony, rehabilitative alimony, and reimbursement alimony. Family law, including laws about alimony, can vary from state to state.

If a spouse is required to pay a lump sum to balance division of personal property within a certain period of time, is it considered lump sum alimony or spousal support in the state of Georgia?

This would likely be considered a lump sum alimony payment, which in legal terms is referred to as "in solido". It is usually tax deductible for the payor but taxable for the payee. Once paid and the property is split, there would be no further financial obligation, assuming there are no other clauses in the separation agreement.

If a person wishes to end the alimony obligation of his/her former spouse earlier than the stipulated time period, is it permissible?

In many cases, two people can end an alimony obligation by entering into a new agreement. The new agreement can be drafted by a lawyer or the concerned parties once they have mutually agreed on the changes. Both parties will need to notarize the document. The previous order should cease once this is done. Both parties may also be able to petition the court to terminate the original order given the new agreement.

Can monthly alimony obligation be given as lump sum alimony? What are the tax implications to the concerned parties? Can a person receiving lump sum alimony avoid having to pay higher taxes?

The consent of the spouse receiving the alimony is needed for this type of change. This is because he or she will need to bear the tax burden as it is considered "income" for the recipient. For the person paying the alimony, taxes will not be applicable as it is not his/her income.

Spousal support is taxable as income when it is received. There may be ways for the payee to characterize spousal support as a non-taxable item in order to avoid high taxes. For example, spousal support may be presented as attorney fees (past, present, or future) with respect to family code (section 2030). In such a case, the tax liability would be avoided by the person receiving the support and might shift to the person paying the alimony/spousal support.

Is interest on lump sum alimony being paid taxable?

The alimony itself should be tax deductible. However, the interest is a personal expense that may not have been incurred were the payments made on time. Hence the interest would most likely not be deductible.

Lump sum alimony might be a solution for a couple in the process of separating or could possibly alter an alimony obligation that spans several years. The benefits and burdens may vary, and a qualified legal expert may be able to clear up questions and concerns about your specific situation.

Ask a Family Lawyer

Ely
Ely, Counselor at Law
Category: General
Satisfied Customers: 9283
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
7286322
Type Your Family Law Question Here...
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2 Family Lawyers are Online Now

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Family Lawyers are online & ready to help you now

Ely
Counselor at Law
Satisfied Customers: 8085
Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
LawTalk
Attorney and Counselor at Law
Satisfied Customers: 6424
27+ years legal experience. I remain current in Family Law through regular continuing education.
FiveStarLaw
Lawyer
Satisfied Customers: 6336
25 years of experience helping people like you.

Recent Lump Sum Alimony Questions

  • My mother recently passed away in Cook County, Illinois. I

    My mother recently passed away in Cook County, Illinois. I am her only child, and am living in California. She left behind a husband in Illinois. They have no children. She had no will. I have read about intestate succession in Illinois and understand myself to be an interested party.
    My issue is that my mother's husband considers all assets that my mom held--regardless of how she held them--to be "community property" in the eyes of the law, so he does not plan to open her estate in court, obtain letters of office, or pursue any legal assistance in settling her affairs. If he chooses this path, he is no complying with Illinois state law. I am quite certain that my mother's investments--separate from the house they own together--total much more than 100K, and it is possible that I am designated as a beneficiary on one or more of her retirement/investment accounts. However, her husband is not willing to discuss this with me or to share with me any details of my mother's finical affairs, as he considers them to be his financial affairs now.
    This is because her husband believes her estate is not considered "intestate" since she was married at the time of her death, that the laws of intestate secession do not apply to married couples in Illinois. I know this to be untrue.
    Her husband believes that he can use her death certificate and their marriage license to take control of her accounts and dispose of her assets as he sees fit. I have read enough about intestate secession in Illinois to believe that he will likely experience administrative/legal roadblocks if he does not open her estate and obtain letters of office. Her assets should be distributed according to law, not based on what her husband feels is right. However, I need to understand whether I should trust that the law alone will protect my interests as an interested party in this matter, or what (if any) actions I can/should take to make ensure that my interests are indeed protected.
    I am only seeking fairness, transparency, and compliance with the law. However, I am also concerned about taking actions that my mother's husband would perceive as antagonistic. He has physical possession of my mother's cremated remains, family heirlooms of sentimental value to me, and my original birth certificate, and has met my attempts to discuss financial matters with what I believe to be lack of transparency and unnecessary hostility. How do I assert my legal rights without exposing myself to undesirable consequences?
  • What does a divorce in naples, florida costs?

    What does a divorce in naples, florida costs?
  • helo, my name is ***** ***** my girlfriend is still married -

    helo, my name is ***** ***** my girlfriend is still married - they live seperated since 5years. she is from peru and has a permanent residence permit for the us. the "ex"husband is from cuba. the son is american and lives with the mother together. the son
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    i live in germany and i am looking for a job in the us. hope you can give me a advice We need a lawyer for us law in florida
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