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Alimony and taxes – what you need to know

If you are considering divorce, you may expect that alimony will be part of your divorce decree or settlement. While any child support you receive from your future ex-husband, along with marital property that transfers to you, is typically not subject to federal income tax at the time of receipt, alimony is different.

A change in finances could lead to child support modifications

If you want to pay your child support each month on time, you need to make sure you're gainfully employed, and you're earning enough to afford this financial obligation. However, life circumstances -- and our jobs -- are not always under our complete control.

What's the difference between legal separation and divorce?

If you live in Tennessee and your marriage has taken a turn for the worse, you may consider divorce. If you believe that there's potential for reconciliation or need certain benefits offered by marriage, you and your spouse could consider a legal separation instead. A legal separation requires that you and your spouse divide your assets and make decisions about child custody, visitation and support. It also requires paperwork getting filed with the courts. Typically, this process is simpler if both spouses agree to the separation. Like with divorce, the non-filing spouse can file a response or contest the filing.

Custody negotiations are tough, but a child's future shouldn't be

Perhaps you and your spouse reached an impasse in your marriage, and you both agree to move in different directions. Dissolving a marriage is typically an extremely stressful and daunting process. When children are involved, the situation can become significantly more complex. Chances are, you consider the future of your children to be your first priority and desire to take measures to meet their needs.

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