Are divorce equalization payments taxable? My divorce will require a $500 a month equalization payment for the next 4 years and I’m not sure how to handle it tax-wise.

That is a transfer of assets incident to divorce and not a taxable or reportable event. 

Ignore it.  It is not taxable or deductible to you or your ex.

However, if these payments are coming from a tax-advantaged source, like a pension or IRA, then you don't want to pay the income tax on the full amount, only to turn over a portion tax-free to your ex.  You need to get a QDRO -- qualified domestic relations order -- from the court and give it to the pension payer or IRA custodian.  That way, your ex will get a 1099-R for the part paid to them, and you only get a 1099-R for the part paid to you.