If your divorce isn't going to be final before the end of the year (or if you haven't begun the process yet) and alimony is part of it, you'll be facing the new rules established under the Tax Cuts and Jobs Act (TCJA) signed into law a year ago. For the first time in over 70 years, alimony payments won't be tax deductible for payers or reportable as income by recipients.
Since your divorce, you have been paying alimony to your ex. Maybe you reached a spousal support agreement yourselves, with the help of your attorneys. Maybe you couldn't agree on an amount, so a judge had to get involved to make the decision. However it was done, your spousal support payments were likely based in large part on your financial situation and that of your soon-to-be ex.
What do you do when you finally get through all the wrangling and haggling of divorce and have everyone's obligations and rights spelled out on paper, but your ex-spouse is acting like all those orders are somehow optional?
There's a lot of talk, nationally, about getting rid of alimony as much as possible. Somehow, people have come to see it as an unnecessary holdover from the days when women didn't work outside the home.
So, you have decided to call it quits with your marriage, but you are worried about the financial fallout. You have a right to be concerned - alimony, child support, court costs - it can all add up to a large sum at the end of the day. You have to decide whether you want to fight for certain pieces of property, tally up the expenses of your divorce, find a new living situation, and adjust to a new way of life, all in a relatively short period of time. Make the most of your experience by seeking the help of a qualified financial and legal team that can help you protect your assets.
A Florida man has recently received a favorable court ruling after protesting a ruling about his alimony payments. The man had appealed his case to the 5th District Court of Appeals after a circuit court failed to adequately account for his various alimony payments. His case focused on the permanent, retroactive alimony that was enforced by the lower court.
Have you ever wondered just how spousal support is calculated in the state of Florida? Alimony can be a challenging subject, largely because the amount awarded depends on so many independent factors. Instead of dealing with the uncertainty that comes along with subjective alimony payments, invest time in learning more about this key topic through our professional legal services.
Are you looking to maintain the same standard of living in the aftermath of your divorce? Many legal experts say that is just a pipe dream - no matter the amount of alimony, married couples still enjoy financial advantages that make it difficult to replicate standards of living after a split. As one obvious example, spouses who move to two different residences now must each pay a mortgage or rent, which poses a significant change from married life.
In yet another chapter of Florida's ongoing spousal support debate, a state representative has filed a bill with the intent to change spousal maintenance requirements. Florida's state statutes for alimony distribution have been under fire for several years, though last year's attempt at reform was vetoed by Gov. Rick Scott. News reports show that Scott struck down the proposed legislation because of provisions that would have affected child custody proceedings in the state.
Have you been thinking about seeking modification of your spousal support payments in Florida? As many of us know, alimony is almost a living thing -- needs and requirements change, and so the spousal support program must change with them. Your personal situation could justify a change to your alimony payments, particularly if you are at risk of failure to pay alimony because of an unfortunate life event.