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Getting real about your finances post divorce

When you're married, you benefit from a lot of different financial advantages. Although a lesser earning spouse can often seek alimony or spousal support to try and maintain a similar standard of living enjoyed during marriage, the reality is that most spouses will probably take a serious financial hit following the finalization of their divorce.

Can I deduct alimony payments from my taxes?

New Jersey residents do not tend to enjoy paying alimony to their ex-spouses each month. Fortunately, in many cases, the alimony payments you may be forced to pay will be temporary. Also, the money you give to your ex-spouse will be tax deductible. Your ex, who receives the money, will be the one required to pay taxes on it.

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