Understanding the Various Types of Post-Divorce Family Support (Part A)
Financial issues can weigh heavily on couples experiencing a Virginia divorce. There are numerous matters to deal with during that transitional time, and it can be difficult to tend to all the details, such as how to settle the financial concerns of various types of family support, including what many people refer to as "unallocated alimony."
What is Unallocated Alimony or Unallocated Support?
The concept of unallocated alimony, also referred to as family support, offers couples more options when deciding how to allocate funds. Unallocated support payments are support payments made to a spouse that do not specifically dictate how the funds are apportioned. Please note that in Virginia, the term "alimony" is not used and is instead referred to as spousal support. Virginia child support is another type of post-divorce financial transfer from one spouse to another in the interest of supporting the family.
In some instances, the manner in which unallocated support is taxed during a Virginia divorce varies from other types of support and it may be tax deductable for the payer.
This may benefit some families in Virginia divorce cases where the payer is in a higher tax bracket than the payee. It's important to discuss the details of the tax implications and other long-term factors of your financial decisions with an experienced Newport News divorce attorney before entering any agreement with your spouse.
There are some important things to keep in mind about spousal support in Virginia:
- It's gender neutral - spousal support is not based on gender and can be awarded to either spouse in a Virginia divorce.
- It will directly affect your financial situation - deciding on unallocated support in place of traditional child support or spousal support may or may not financially benefit you.
In the interest of protecting your financial well-being, it's wise to speak with a Newport News divorce attorney that specializes in helping women to make an informed decision about critical Virginia divorce financial matters.
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