If you are the so-called "moneyed spouse" who is about to pay a great deal of money each month in alimony to your ex-spouse, you may be of the opinion that alimony is an antiquated concept that should be relegated to the history books. While, in some contexts, you may have a point -- this is a highly debated topic in the age of family law reform and feminism.
Many types of court orders can come out of a Maryland divorce. One is an alimony award. When one person is ordered to pay alimony to another, how long does this obligation last?
While alimony can be a tough subject for those getting divorced in Maryland to discuss, it will need to be addressed at some point. In some cases, an individual who may be entitled to support may choose to waive his or her right to it. However, this is generally a bad idea because the option to accept alimony in the future is generally off the table once it has been waived.
Divorces finalized after the start of 2019 will see significant changes in the way the IRS looks at alimony. In the past, alimony was a tax-deductible expense for the payer and considered income for the recipient. Starting at the beginning of the year, divorcing spouses in Maryland may not get a tax advantage if they include alimony in their settlement agreements. Although it might initially seem that the tax code changes benefit spouses who receive alimony, this may not be the case.