Spousal support can have a major tax impact on both the party paying it and the party receiving it. As these implications can affect the after tax cash available to both parties, it is important to consider the tax consequences in determining an appropriate and reasonable spousal support order.
Where child support and spousal support are both at issue a careful analysis of the tax consequences may reveal an arrangement where more money, after taxes, is available to both parties. An experienced and knowledgeable attorney will work to develop a tax planning strategy that provides for just that. In this manner support payments can be used to effectively let Uncle Sam help by leaving more money available to both parties and your children. Drafting agreements that seek to utilize this strategy requires careful planning.
In spousal support cases it is important to have an experienced attorney who is knowledgeable of the tax implications of a spousal support order. At Edward F. Whipps & Associates we have over 30 years of experience helping parties understand the tax effects of spousal support.
Contact an Experienced Spousal Support Lawyer Today
If you need a spousal support lawyer, please contact Edward F. Whipps & Associates for help. You can arrange a confidential initial consultation at a mutually convenient time by calling our office at (614) 461-6006 or filling out this online contact form.