Jeff McAdams' Divorce Survival Tips
11-15-10

Consider all aspects of the deal you’re offered…

Tax issues may play a larger role in negotiating your settlement agreement than you realize. For example, if your soon-to-be ex offers a larger amount of spousal support or maintenance in exchange for lower child support payments, several factors come into play. Recipients must declare maintenance as income, while payors get a tax deduction for it. Child support isn’t considered taxable income, and parents must continue paying it until each child reaches the age of 21. This is why it’s a good idea to have a financial professional do an analysis of the offer – you want future projections to be accurate. You will have to live with your deal for a long time. It’s not easy to make adjustments after an agreement is reached and approved by the court. The wrong decision has serious consequences.

Please Note: Every McAdams Law Divorce Survival Tip is for informational purposes only and cannot substitute for legal advice. Before taking action, consult an experienced New York Divorce attorney about your situation. Please see more details here.

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