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alimony Archives

New tax laws for alimony will take affect in 2019

It is an unfortunate fact that some marriages don't last forever. Divorce proceedings can be difficult on Florida families, especially when it is time to determine how to handle financial agreements between former spouses. In an earlier post, we discussed how new tax laws will affect couples next year when handling alimony payments. However, there are steps that divorcing couples can take in order to deal with these changes.

A big paycheck doesn't always mean big alimony payments

Worried about spousal support? You are certainly not alone, and your concerns are valid. While receiving alimony can indeed be important for your ex, you also have your own personal finances to look out for. In Florida, maintaining your own financial stability after your divorce is just as important.

Is alimony always paid on a monthly basis?

Most people in Florida are familiar with spousal support in the form of monthly payments. Few realize that there is another approach to dealing with alimony. For those who feel uncomfortable signing a check to their ex-spouse every month, a lump sum payment could be a good option. 

Alimony -- can I get it or will I have to pay?

In the not-too-distant past, most people in Florida assumed that men always end up having to pay their exes spousal support. Although it is true that men typically pay alimony more frequently than their female counterparts, it is not because of their gender. Several factors come into play when figuring out who -- if anyone -- pays support.

Dennis Quaid finalizes divorce proceeding

Famous actor Dennis Quaid has reached a settlement agreement with his ex-wife. The settlement includes alimony, child support, custody and property division and represents a complete plan for how the pair will dissolve their 12-year-long partnership. Publicly, the couple maintains that the split was handled amicably and with mutual respect. The positive slant to the high-profile divorce settlement may be a source of inspiration for individuals in Florida considering a split from a partner. 

Alimony deduction may rush some couples to divorce in 2018

Some individuals may hang around in a bad marriage for a while, because of the fear of change. A recent change in federal tax law may prompt some unhappy individuals to take the plunge sooner to try and avoid alimony law changes before 2019. An individual in Florida who pays alimony to a spouse will no longer be able to deduct the payments if the marriage is finalized after 2018. 

Alimony payments must meet requirements to be deducted

A person who has terminated a marriage with a spouse may later be responsible for making several types of financial payments to the former spouse. Among those payments are child support, property settlements or alimony. In Florida, an alimony payment can be deducted from taxable income if it meets certain guidelines. If not, the payment remains taxable. 

Will alimony payments go down after tax reform?

After the end of the marriage, some individuals will need to rely on temporary financial aid from their previous partner. Due to certain marital circumstances, some individuals receive alimony payments, but a new tax reform bill could jeopardize the security of alimony payees and recipients alike, experts say. In Florida, it may take careful consideration to determine which spousal support options are the best fit for one's interests. 

Alimony and tax concerns

Some find it incredibly helpful to have all their ducks in a row when it comes to tax time. A person receiving alimony and/or child support may be wondering how these payments affect their income at the end of the year. A recent news article shares some tips from the experts that Florida families may find enlightening. 

Alimony payments are tax-deductible if filed correctly

When a Florida marriage ends, there are many details to sort out. Financial considerations play a large part in the separation of two people's lives. Alimony, when applicable, is support paid directly to an ex-spouse. Child support, which is not tax-deductible,  is paid to one parent for the care and upkeep of the parties' children who have yet to reach the age of majority. Alimony is tax-deductible, although it must be appropriately named and paid in conformity with IRS requirements. 

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