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In divorces and separation agreements signed on December 31, 2018 and earlier, alimony is tax-deductible for the payer, and treated as taxable income for the recipient. Pursuant to the Tax Cuts and Jobs Act of 2017, for divorce judgments dated January 1, 2019 and later, spousal support is treated as not-taxable and non-deductible for either party.
The update identified 120 new statutory provisions involving marital status, and 31 statutory provisions involving marital status repealed or amended in such a way as to eliminate marital status as a factor. The first legally-recognized same-sex marriage occurred in Minneapolis, [3] Minnesota, in 1971. [4] On June 26, 2015, in the case of ...
In 2017, only taxpayers in New York, Massachusetts, Connecticut, and New Jersey (the states with the first, second, third, and ninth highest GDP per capita) on average sent more than $1,000 each to the federal government above what the state received per capita. [14] Capping the SALT deduction tends to increase this balance of payments deficit.
Yes, the Social Security Administration (SSA) does recognize common law marriages. Both parties to a common law marriage are entitled to all of the same benefits as a couple in a traditional marriage.
The New Jersey Matrimonial Bar Association and the Family Law section of the New Jersey State Bar Association have been vehemently fighting against alimony reform, [74] [75] arguing that the New Jersey State Bar Association objected to the inclusion of individuals with a vested interest in reforming alimony on the Blue Ribbon Commission, and ...
Per court documents obtained by Us at the time, Clarkson agreed to pay Blackstock spousal support of $115,000 monthly until January 2024 and was asked to pay a one-time, tax-free fee of $1,326,161.
Image source: Getty Images. It's important to know how Social Security's spousal benefits work so that you can make the most of them. Here are some key rules to follow.
Marital deduction, often referred to as gift to spouse, is a type of deduction that allows a person to give his or her spouse a gift with reduced or no tax imposed upon the transfer, for transfers given in a calendar year. [18] Some marital deduction laws even apply to transfers made postmortem.