While I research this in the matter of expedience I wanted to post this.
Client Paid $60,000 lump sum in Alimony to the 'ex'.
I understand this "can be" a deductin for him, but the question remains --
Can some please help me interpret this wording on his Divorce Decree?
The way I read it doesn't fare well for my client.
In his words -
The ideal scenario is he gets the alimony deduction, she has to claim it. I guess this wasn't a happy divorce!
2nd best scenario is he gets to deduct it and she gets a pass.
Worst case is - he got burned one more time....
This is a cut/paste from his decree:
Alimony: Both parties hereby waive, now and forever, any and all
claims for alimony, maintenance or any other form of spousal support. The
Husband's waiver of alimony shall be co-extensive with the Wife's waiver of
alimony as otherwise set forth herein, and which is being made in exchange for
receiving an additional $60,000 from Husband's share of the net proceeds from the
sale of the marital residence. The parties have, with full knowledge of their present
circumstances and with consideration of all future circumstances, bargained for the
alimony waiver provision herein, which was an essential element of this agreement,
and acknowledge that they are bound by this agreement and by the transaction
set forth herein. The parties further acknowledge that this provision contemplated
existing case law and any foreseeable modifications in that case law or changes
in their circumstances. This alimony waiver shall be non-modifiable and
irrevocable and beyond the jurisdiction of any Court to change even if any or all of......
Thanks in advance for any help you can offer.
Client Paid $60,000 lump sum in Alimony to the 'ex'.
I understand this "can be" a deductin for him, but the question remains --
Can some please help me interpret this wording on his Divorce Decree?
The way I read it doesn't fare well for my client.
In his words -
The ideal scenario is he gets the alimony deduction, she has to claim it. I guess this wasn't a happy divorce!
2nd best scenario is he gets to deduct it and she gets a pass.
Worst case is - he got burned one more time....
This is a cut/paste from his decree:
Alimony: Both parties hereby waive, now and forever, any and all
claims for alimony, maintenance or any other form of spousal support. The
Husband's waiver of alimony shall be co-extensive with the Wife's waiver of
alimony as otherwise set forth herein, and which is being made in exchange for
receiving an additional $60,000 from Husband's share of the net proceeds from the
sale of the marital residence. The parties have, with full knowledge of their present
circumstances and with consideration of all future circumstances, bargained for the
alimony waiver provision herein, which was an essential element of this agreement,
and acknowledge that they are bound by this agreement and by the transaction
set forth herein. The parties further acknowledge that this provision contemplated
existing case law and any foreseeable modifications in that case law or changes
in their circumstances. This alimony waiver shall be non-modifiable and
irrevocable and beyond the jurisdiction of any Court to change even if any or all of......
Thanks in advance for any help you can offer.
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