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If I’m awarded ED split of my husbands business share, I’ve read that it’s usually paid in payments instead of a lump sum as that could bankrupt a small business. Can I request a lump sum? What if the business tanks and the close all of a sudden. Would payments stop if I’m paid that way?
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Can alimony amount be adjusted once set? If he reports less income will alimony be affected like child support could.
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Should I file my taxes separately for last year? We separated last month but he has not filed and we always owe from previous years.
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(1) Yes, you can request a lump sum. You will want to make sure that you have certain protections in your settlement agreement in regards to being paid a distributive award involving a business, for example having shares held in trust or executing a stock pledge agreement, in case the business fails or is sold.
(2) If alimony terms are in a separation agreement, then alimony can be modifiable only if both parties agree. If alimony terms are in a court order, then alimony is modifiable upon a showing of a substantial change in circumstances. If the court determines there has been a substantial change in circumstances, then the court would recalculate alimony based on current income and circumstances.
(3) You should seek the advice of a tax professional about filing separately or jointly. Generally it is best to file jointly because it is a better tax rate, but this is not always the case.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
Thank you. So it seems that a separation agreement would be more beneficial in my case than ligation? My lawyer was afraid money could be held back and to force my spouse hand at paying what’s owed. With our taxes, we owe from previous years due to my spouse self employment. So to not be responsible for this owed taxes from 2020 and moving forward, I thought it would be better to go ahead and file.
A separation agreement can be beneficial if both parties can agree on the terms or can agree at a mediation on the terms. It is less expensive than going to court and going through the litigation process. A separation agreement is enforced by a breach of contract lawsuit.
A court order can be beneficial if the parties cannot reach an agreement on the terms and there needs to be a trial and/or if one of the parties would prefer that the terms are enforced by the contempt powers of the court rather than a breach of contract lawsuit like a separation agreement.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.