Alternatives to Spousal Support
I get asked quite frequently if there are alternatives to spousal support in Wisconsin. There are two alternatives that in an appropriate case, people might find useful; (1) Property buyout; Parties in a divorce can agree to waive spousal support, and instead, agree to some type of uneven property division where the person who would be obligated to pay support, would pay from their share of the marital estate, a one time lump sum property buyout. (2) A second alternative may be what is called Section 71 payments; Section 71 payments is a term of art used by divorce lawyers and refers to the IRS code. Section 71 payments differs from traditional support payments in that the payments, both as to amount and duration are non-modifiable. This allows the parties to negotiate the amount and term of support, without the risk of ever having to go back into court to litigate those issues. For tax purposes, the same IRS code sections must be strictly adhered to for the payor to receive the tax deductibility of the payments.
Navigating the minefield of spousal support can be challenging. It is best to confer with an experienced family lawyer. Contact Karp & Iancu, S.C. for an initial consultation of considering getting a divorce in Wisconsin.