Many families derive all or a portion of their income from businesses that one or both spouses own, so often the business becomes an integral part of a divorce. The first question that must be tackled is whether or not to include the business as a party to the divorce. Sole proprietorships (unincorporated businesses) do […]
Month: March 2014
Can I Discharge In Bankruptcy Debts To My Former Spouse?
The answer depends upon the nature of the debt. Certainly, alimony cannot be discharged in bankruptcy, nor can child support. But when a payment to a spouse is not termed alimony or child support, the question of dischargeability is muddied. Ordinary debts to a spouse are usually dischargeable, so if, for example you have agreed […]
Alimony: Tax Considerations
If you are going through a divorce and alimony is an issue, you should be aware of certain basic tax considerations associated with an award of alimony. Generally, the treatment of alimony is to make the alimony taxable to the recipient and deductible by the payor. Alimony is to be included as part of the […]