Liquidating assets divorce americans london dating
1993) (lump-sum buyout from employer constitutes income, as such was calculated on weekly wage).
Income from Contractual Agreements While income does include money received as the result of a contractual agreement, income does not include payments made pursuant to a property settlement agreement.
E.2d 622 (1991) (for alimony, deferred payments made as part of the court's property division are not income); In re Marriage of Stenshoel, 72 Wash.
Further, the proceeds from a life insurance contract are not considered income, but are considered return of capital.
W.2d 478 (1994) (the return on stock purchased with lump-sum workers' compensation award is income for support); In re Marriage of Tessmer, 21 Fam.
27, 1995) (interest and dividends on IRA are income); In re Marriage of Armstrong, 831 P.2d 501 (Colo. 1992) (income that postdecree inheritance will generate is income); In re Marriage of Benkendorf, 252 Ill.
1993) (prison pay is income for purposes of child support). 1992) (court should not have shirked duty to determine income derived from insurance agent's commissions); bonuses, Hammons v. W.2d 413 (Iowa 1993) (incentive pay should be included in income where it is based on productivity); In re Marriage of Russell, 479 N.
Overtime and Second Jobs Briefly stated, where overtime and second jobs are regular and predictable, income derived therefrom is includable in gross income.
1992) (where husband sold property awarded in equitable distribution decree, return on such capital would not be considered income); Lamb v.
This article will focus on the legal definitions of income and expenses. The various states have included in their definition of income the following: These items are discussed in detail in section II of this article.
If the question is not whether a particular benefit constitutes income on the law, but rather whether a particular benefit was actually earned or should have been earned on the facts, the issue is one of imputed income. INTRODUCTION: STATUTORY DEFINITIONS OF "INCOME" Items Included in Gross Income Each state's child support guidelines generally contain a definition of "gross income." "Gross income" is usually defined to include money received from any source. Most states have also adopted a special definition of income for the parent who has control over his or her income stream.