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How much would you recommend setting aside in the sum of…

Customer Question
How much would you recommend...
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: 2 years ago.Category: Family Law
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Customer reply replied 2 years ago
I was asking about how much in taxes should I set aside for 3500 in alimony in a month?
Customer reply replied 2 years ago
I live in Saint Louis, Missouri
Answered in 1 hour by:
3/4/2016
Family Lawyer: S. Kincaid, Family Law Attorney replied 2 years ago
S. Kincaid
S. Kincaid, Family Law Attorney
Category: Family Law
Satisfied Customers: 2,567
Experience: I have practiced family law since 1996, focusing on child custody and domestic violence
Verified

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.

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Customer reply replied 2 years 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.
Family Lawyer: S. Kincaid, Family Law Attorney replied 2 years ago

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

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