If I get a lump sum as a divorce settlement- do I have to pay taxes on it?

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  • #81997 Reply
    USER

      I am in Texas.

      #81999 Reply
      Bill

        Not unless it’s something like you get half a 401k and then you withdraw the money. A divorce settlement itself isn’t taxable.

        #82000 Reply
        Cody

          In Texas, shouldn’t it be community property that you’re legally entitled to? So not income because it was already “yours”?

          #82001 Reply
          Brianna

            If it’s an alimony settlement you do. If it’s marital asset or child support you don’t.

            #82002 Reply
            Emily

              Everybody going through a divorce needs a financial professional (ideally who specializes in divorce) a lawyer, and a therapist. They each support in different ways. Second Saturday Divorce Workshops can be great resources in your local community.

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