Tag Archive for: agreement

Guest Post by John Ellsworth, Esq.

If you’re paying alimony, you can take a tax deduction for the payments, even if you don’t itemize deductions.

Keep in mind, though, that the IRS won’t consider the payments to be true alimony unless they are spelled out in the divorce agreement. This is another rule for you to memorize: unless the divorce decree spells it out, it’s probably not going to be accepted by the IRS as alimony.

Your ex, meanwhile, must pay income tax on those amounts. Be sure you know your ex-spouse’s Social Security number. You have to report it on your tax return to claim the alimony deduction.

The opposite is true for child support: You don’t get a deduction for paying child support and the recipient doesn’t pay income tax.

Tipper Gore and Al Gore announced in an email to friends that they are separating and divorcing after 40 years of marriage.  They said they labored over the decision for a long time and reached a mutual agreement to live separately.  The reason given was that they had grown apart.

My wife and I have different pursuits.  She stays home with our children.  She is the president of the PTA.  She is working on a local political campaign.

I manage a busy law office and spend most days puzzling out how to untangle complex financial relationships between divorcing spouses.  Sometimes, while I am in the middle of a million dollar deal, and trying hard to concentrate on some troublesome aspect, my wife will call me.  The fish died, my son made the swim team, what was in that salad we had last week, and oh by the way we need milk.

Do I stop what I’m doing, take a deep breath and redirect my mind to her world?  You bet.

We are different, but we respect the differences, sometimes even finding humor in them.   We have different worlds but they intersect at home, family and raising our children.  We interact, communicate and participate.  Growing apart is a decision you make.  The opposite decision is staying together.