Yes, when you receive temporary maintenance during your divorce, you should plan to set aside at least some of it for taxes.
Temporary maintenance, and spousal maintenance generally, are taxable income as far as the IRS and New York’s revenue service are concerned, so you’ll be responsible for withholdings that the government will want in April.
This is different from child support payments, which are typically not treated as income. The attorneys at Zelenitz, Shapiro & D’Agostino can help you prepare for your future.
Call us today at 718-725-9601 and learn everything you need to know about structuring a maintenance plan that protects your earnings and has you ready for tax time.