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Finance

Calculating Spousal Support

Spousal Support

If you are separating from your spouse, the issue of Spousal Support, or “alimony” as many people commonly refer to it as, is an issue that may need to be resolved. The Spousal Support Advisory Guidelines provide a reference for calculating the amount and duration of your spousal support. However, before looking at “how much…

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Do I need to Provide Financial Disclosure?

Financial disclosure for Family Law

One of the first steps in negotiating a family law agreement is the exchange of financial disclosure.  If you’re in the process of separating, you have probably told your lawyer that one of your main goals is to get the process “over with” as quickly as possible.  However, sacrificing full financial disclosure for the sake…

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Tax Implications Of Support Payments

tax implications

Is child support tax deductible? No.  Child support paid pursuant to an Agreement or Court Order is not tax deductible to the payor, which also means that it is not considered taxable income for the recipient.  The tax implications can be significant if, for example, the support payor and recipient find themselves in different tax…

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