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August 2017 Archives

Alimony and child support have different tax consequences

When the members of a family live together and the parents of the family work and earn incomes, generally the money they bring in is pooled together for the support and maintenance of everyone in the household. However, when parents separate or divorce and divide their incomes to support two different households, the financial maintenance of the family's members can become more subject to change. In Washington and other American jurisdictions, courts can assign some parties to pay child support and spousal support, also called alimony, for the care of those individuals who no longer live in the payers' homes.

Don't lose contact with grandkids after your child's divorce

A Washington divorce is a legal process that breaks the legal bonds two people established between themselves through marriage. It separates their lives on many levels, allowing the formerly married parties to live separate and apart from each other, maintain new marital relationships, and hold title to property to the exclusion of their former spouses.

Financial considerations before creating a prenup

While a Spokane couple may not want to think about how they will divide up wealth and property if the union ends in divorce, many couples find doing so to be necessary and helpful. Effectively, creating a prenuptial agreement, also known as a prenup, is doing just this. It is the negotiation of the parties' assets and debts into a property settlement plan that will save them time and possibly money if they choose to bring their marriage to its legal end.

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