Protecting your rights & safeguarding your children’s future
Spousal support, sometimes called “alimony,” can be a complicated and contentious issue. Ohio law provides that one spouse may have to contribute to the maintenance of the other spouse for a time during the pendency of a divorce and/or after a divorce or dissolution is final.
Many factors influence how much spousal support you may have to pay or how much you can expect to receive. These include:
- Each party’s income
- Each party’s earning ability
- Age, physical, mental or emotional condition(s)
- Retirement benefits
- Length of marriage
- Parenting arrangement
- Standard of living during the marriage
- Relative education of each party
- Total assets and liabilities of the parties
- Contribution of either party to the education, training or earning ability of the other party
- Time and expense necessary for one spouse to acquire necessary education or training
- Tax consequences of spousal support
Typically, the payment of spousal support is tax-deductible to the payor and the receipt of spousal support is considered taxable income to the recipient. This is not the case with child support; in fact, the payment and receipt of spousal support is taken into account in the child support guidelines. It is important that you and your attorneys understand the tax implications of any spousal support award, whether you are the payor or the spouse receiving the support payments. At Laubacher & Co., we analyze your financial picture in a comprehensive way to account for tax issues like these.