What was once a constant in American tax law has recently changed, and has people clamoring to understand the long-term impact. The recent loss of the long-standing alimony tax break has some questioning whether it will add to the financial discomfort of divorce. Attorneys and other divorce professionals are scrambling to understand the new policies and react to them. In Wyoming and other states, some are worried that the change may make for messier divorces, but the jury is still out as to how exactly the change will affect those undergoing divorce.
The government is changing the way it treats the tax implications of marital separation. A new tax bill passed and was recently signed into law by the president. Within the bill lays policy changes that can affect the way that Wyoming residents will look at alimony.
Two celebrity house flippers have not been able to settle their disputes over post-marital payouts. The couple became famous for their mid-2000s' reality show "Flip This House." They split in 2012, but news of the couple has resurfaced since they landed back in court over a disagreement about alimony payments. Wyoming fans of the show may be wondering just how profitable house flipping can be after seeing details of the divorce agreement.
A person's life path is rarely a straight line to a predetermined goal. Few people expect to divorce a spouse, and fewer still expect to have a drastic reduction in income over the course of a career. Nevertheless, these situations happen on the roller coaster of life, and big changes can affect a person's life greatly. Some individuals in Wyoming may be wondering how divorce and career might affect them -- specifically how an alimony payment would be affected if the person paying has a reduction in income.
The legally valid divorce or separation agreement is an important tool for divorcing couples. The terms negotiated in such an agreement can have lasting impacts for individuals. The tax implications of one alimony agreement are discussed in a recent news story which may provide some helpful information for persons considering divorce in the state of Wyoming.
As families figure out the details of separation and divorce, most parents will want to focus on strategies that support and benefit their children. Even if the parents are not able to maintain their marital relationship, they will want to take actions that serve the best interests of their children. In Wyoming, a common consideration for divorcing couples is the child support agreement. One program in another state has increased collection of child support payments by making access to payments much easier.
When a Wyoming couple with children decides to divorce, many issues must be addressed. For example, the parting spouses must address how the children will be supported financially. One of the common methods to resolve this issue is the determination of child support. Child support terms are frequently determined by a court and are designed to help the lower-income spouse maintain a child's standard of living, no matter which parent has custody or visitation.