settlement not allimony

[lorilie_400]

What is the name of your state? texas, I was divorced in texas in 2000, i recieved a settlement which was to be payed out once a year for 5 years. now the ex husband is wanting me to sign some papers that are claiming the money he pays me as contractual allimony, so that i will be responsible for the taxes. I dont mind paying the taxes on the money, but i dont know if i want it to be called contractual allimony, because i heard that allimony in texas is only suppose to be payed for a max of 3 years. that would mean that i might not get the rest of my settlement. what should i do?

 

[stealth2]

Nope. If this is a settlement of the marital estate, you don't need to be paying taxes on it. He's been allowed to pay you over a number of years instead of as a lump sum. HE is responsible for the taxes on that money - not you. Don't agree to this one.