Husband dating during separation
· A separation agreement is not A separation agreement can specify who claims the children as exemptions for income tax purposes.Without a written agreement, the parent who has physical custody of a child for more than one-half the year will get the dependency exemption.Since college is less of a luxury and more of a necessity these days, it would be a good idea to consider which items should be in the college clause. Such a provision is fair to everyone and does not force either parent to go broke financing a college education. For example, some agreements state that the child must attend an accredited institution, in pursuit of a generally recognized undergraduate degree, on a full-time basis, while maintaining at least a "C" average.For example, consider the items on the following list. · What part of the college costs will each parent pay?The child tax credit, 0 per year for 1999 and later, cannot be separately allocated; it goes to the parent who has the dependency exemption for the child involved. Should the exemption be "traded" (instead of ) to the other parent -- in exchange for an increase in child support, for example?Even a small increase in support would help offset the tax increase that will be paid by the custodial parent upon losing the exemption and the credit.And the other parent can often afford such an increase due to the taxes he or she saves by claiming the exemption and the tax credit. Should you alternate the exemption between parents?For example, the father could claim the exemption in even-numbered years and the mother could do so in odd-numbered years.
This is a particularly important term, and the agreement should clearly indicate how alimony payments shall be treated for tax purposes. Alimony usually ends at the death of either party or the remarriage of the payee/recipient (usually the wife). In North Carolina, non-consensual alimony is only granted by the court. First of all, remember the basics: · A separation agreement is a contract between a husband and wife when they separate from each other.In this document they resolve such matters as property division, debts, custody and support.· For it to be valid, the agreement must be signed at or after the parties' separation.· No one can compel a spouse to sign a separation agreement.