Alimony is still a popular part of going through a divorce in Florida. It is a form of spousal support where one spouse makes payments to the other as part of the terms of the divorce agreement. Today, we will answer some of the most commonly asked questions about alimony so you can have a better understanding of how it works.
Alimony might not be an easy subject for you and your former spouse. It's possible that the two of you do not agree on the amount being paid, even though it was determined by the court. You might think it's too low and your former spouse, who is making the payments, might think it is too high. Either way, you need to know how to properly discuss alimony problems with your former spouse.
As you likely already know, alimony payments will not last forever. Alimony is considered rehabilitative for one of the spouses from a marriage that has ended in divorce. The payments will only last until the recipient obtains a job or earns a degree or learns a new skill. Today, we will examine the times when you can request a change in alimony payments.
Alimony payments are made monthly by one person to their former spouse based on an order issued by the court. Alimony payments will not last forever, which many recipients tend not to realize. Often, these are considered "rehabilitative" payments. They help one of the spouses from a marriage get back on their feet following a divorce. The alimony can be used for anything, including your child's education if you so choose.
Being ordered to pay alimony to your former spouse is never an easy situation. You likely just want to be done with dealing with them since alimony is awarded when a couple gets divorced. It's important that you make the payments by their due date and do not fall behind on them or else you could risk your freedom and wind up being sent to a collection agency.
Alimony is a term that the majority of people have heard and understand even though they might never receive it in their lifetime. This term becomes very important when you or your spouse files for divorce. Why? Because it's possible that alimony could be awarded in your case. Let's take a look at why alimony is so important in today's post.
Receiving alimony is an important part of getting divorced, especially if you need it to pay for your insurance, rent, basic necessities and other items. It's also important that you properly report the alimony you receive on your annual tax return. Today, we will discuss how you can report alimony using a 1040 when you file your tax return in West Palm Beach.
Receiving alimony payments from your former spouse in West Palm Beach can help your financial situation immensely. These payments will be made to you at a specified time and amount based on the decree provided by the court. The decree will not mandate how the money should be used by the recipient. So, here are the best ways you should use your alimony payments.
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.