Monthly Archives: May 2014

Including prenuptial agreement in Alabama marriages

Planning a wedding can be a bittersweet moment that is fun and stressful at the same time. While Alabama couples are choosing the perfect venue for their wedding, they may also consider a prenuptial agreement. Prenuptial agreements can safeguard spouses’ assets in case of divorce. While some may view a prenup as a lack of trust and intimacy, there’s a difference between a young couple with no assets and an older couple with finances at stake. A large amount of couples may decide to get married at a time when they already have a successful career and own a home. They may also have large retirement savings and a considerable amount in financial assets. Even though a prenup may seem businesslike, it can still help to avoid a protracted divorce settlement in the future. Moreover, relationships can still be successful when a prenup conversation is brought up. It’s recommended that … Continue reading Including prenuptial agreement in Alabama marriages →

Categories: Prenuptial Agreements

Alabama couples to avoid contingency pitfalls in alimony

Alabama residents who are considering divorce may want to be aware of a pitfall relating to tax deductions. The U.S. Tax Court recently denied a man’s alimony payments that were deducted in 2008. Although his divorce decree stated that the alimony could be deducted and that his wife should report the received payments as income on her tax returns, the termination contingency on the divorce decree invalidated that stipulation. According to the man’s divorce decree, he had to pay a specific amount in alimony per month. His ex-wife was also eligible for a 40 percent portion of his bonus. It was stipulated in the decree that these payments would both terminate in the event of the ex-wife’s remarriage or the demise of either one of the two parties. However, the first termination condition on the decree stated that payments would be cancelled when the youngest child reaches high school graduation. … Continue reading Alabama couples to avoid contingency pitfalls in alimony →

Categories: Alimony