Though changes to tax laws regarding spousal support were announced months ago, many Kentucky residents may be seriously worrying about how it will affect them. The changes to alimony tax obligations will take effect in 2019, which is only a few short months away. While some parties who have already started the divorce process may be able to easily reach their terms by the end of the year, others may struggle to do so.
There are some people who may think that spousal support is outdated or unnecessary. However, alimony continues to be awarded in numerous divorce cases. Currently, individuals ordered to pay support can deduct the amount paid from their taxable income. After the end of the year, that will no longer be the case under federal tax law.
Throughout married life, many Kentucky residents may rely on the income of one spouse in order to pay for household and personal needs. As a result, when couples decide to divorce, one person could potentially end up facing a more difficult financial future. However, this is typically where alimony or spousal support payments come in as one spouse may be required to make monthly payments to the other.
When a marriage was comprised of one primary income earner, then a divorce may leave one spouse wondering how he or she will make ends meet -- especially if one has been out of the job market for an extended time. It is in these cases that a judge may order a former spouse to pay alimony for a period of time. Kentucky residents who have been ordered to either make or receive these payments may wonder if they have options for how those obligations are met.
Many Kentucky residents may think that celebrities have it all. Numerous individuals may believe that lavish lifestyles, fame and appearing to have enough income to go around adds up to the perfect life. However, even individuals in the spotlight can face considerable difficulties, and divorce is one of those situations. When this type of event occurs, a high net worth could potentially lead to considerable alimony and other support payments.
Every Kentucky resident's life is unique, and as a result, the relationships they form are equally unique. Each marriage can have its own set of happy circumstances as well as negative points, and those relationships can also have varying balances of each. When a marriage has more negative aspects, some well-heeled parties may find themselves looking into a high asset divorce.
During marriages, Kentucky residents and other individuals get used to living life a certain way. They likely have routines that involve their family members and know how to handle their finances in order to maintain their lifestyles. However, when individuals get divorced, that security may seem less certain, and parties may find themselves wondering whether they could potentially be entitled to alimony.
In Kentucky and elsewhere, an individual's finances can be considerably affected by divorce, both immediately and in the long term. Between property division, alimony and other possible payments, it is not usual for individuals to fear the outcomes of their divorce settlements. However, rather than sit back and expect the worst, individuals may wish to take steps to prepare for their cases and fight for the terms they want.
The idea of needing to pay spousal maintenance after a divorce may put many individuals' teeth on edge. Some parties may think that alimony is unnecessary or that their support terms are unfair. If Kentucky residents have fears that their spousal support terms may be too much for their circumstances, they may want to find out their options for negotiating those terms.
Many individuals face considerable changes after going through divorce. The effects can range from the emotional to the financial, and anyone, including Kentucky residents, may wonder how they will move forward as a single individual. Because older women can be particularly affected by the effects of divorce, they may wish to determine what their future finances could look like and how they would like to approach potential alimony.