The Alimony Recapture Rule: What It Is & How to Avoid It

The Alimony Recapture Rule: What Is It & How to Avoid It by Susan Moussi

{2:10 minutes to read} The alimony recapture rule is a potential tax consequence when alimony is paid for a period of fewer than three years and when there are dramatic drop-offs in the amount paid from year to year. 

There are times when alimony may be paid by one spouse to another for a very short period of time. When this happens, the payor of alimony risks the possibility of having to report so-called phantom income. 

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Paying or Receiving Spousal Support? Here’s What You Need to Know!

Paying or Receiving Spousal Support? Here’s What You Need to Know! by Susan Moussi

{4:00 minutes to read} Alimony is also known as spousal support. In Ohio, the laws that refer to spousal support are defined as payments made from one spouse to a former or current spouse. It is important to note that the Internal Revenue Service (IRS) uses the term alimony instead. The rest of this article will use the term spousal support.

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Divorcing Later in Life? Be Financially Prepared

Divorcing Later in Life? Be Financially Prepared by Susan Moussi

{2:00 minutes to read} Uncertainty. Unknowns. Regardless of age, divorce creates questions and concerns about the future. Depending on the age of the couple, the focus of these concerns varies. Younger couples are generally more concerned with how they can maintain the lifestyle that their children have grown accustomed to now that there are two separate households. Children, rather than retirement, for example, becomes the focus.

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