cannedmon
recently joined
Reged: 11/10/09
Posts: 1
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My wife and I are seeking a divorce after almost 15 years of marriage. It is somewhat amicable. We have 4 children (ages 17,15,12,10). She will be keeping the kids with her which I can visit anytime I want.
We have no property, savings, 401k’s, or any other thing of value to our names so there is nothing to split.
I have agreed to let her keep all of our household items.
We agreed to a bi-weekly amount from each of my checks to cover everything she needs including care for our kids. She came up with the figure, I agreed.
I found a form on line (STD.459(REV.4-90) which is a Voluntary Spousal Support Deduction Authorization form for the state of California. I’m looking for the best way to go about setting forth our financials where I can benefit, or deduct from my tax liability for the amount I give her.
Does any one have any suggestions for me?
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googledad
Carpal \'Tunnel
Reged: 12/31/05
Posts: 10207
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Does any one have any suggestions for me?
>>>>>>> Yes , 2 ways to proceed
Option #1 Traditional support
Pay spousal support either for a definite or indefinite period & child support as per state guidelines . SS would be tax deductible to you , taxable to her .
Option #2
Combine the 2 as " family support " which is entirely deductible to the payor as long as statutory conditions are met .
92. "Family support" means an agreement between the parents, or an order or judgment, that combines child support and spousal support without designating the amount to be paid for child support and the amount to be paid for spousal support.
The conditions :
1.payments must be received by (or on behalf of) a spouse under a divorce or separation instrument
2. the divorce or separation instrument does not designate such payment as child support or spousal support
3. in the case of an individual legally separated from his or her spouse under a decree of divorce or of separate maintenance, the payee spouse and the payor spouse are not members of the same household at the time such payment is made
4. there is no liability to make any such payment for any period after the death of the payee spouse and there is no liability to make any payment (in cash or property) as a substitute for such payments after the death of the payee spouse
The key to making family support work is to make sure the payee has sufficient funds for expenses while at the same time insuring the tax liabilty doesn't become onerous .
You can Google both CA family support or Lester Agreements for more info .
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Careful. We don't want to learn from this.
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crossurbridge
journeyman
Reged: 10/26/10
Posts: 58
Loc: Monument, CO
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Excellent book which will help you answer ALL of your questions...10 Keys: A Woman's Guide For Navigating a Successful Financial Divorce available on Amazon
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Meredith Bromfield
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