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.
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.
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.
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.
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.
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.
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.
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.
Just in time for his induction into the Football Hall of Fame, one football player is facing a lawsuit. Jason Taylor, formerly a Miami Dolphins star, is being sued by his ex-wife for an alleged default in alimony payments. The case is active in the Florida courts. A recent news story gives more details about the couple and their divorce.
One couple is continuing an ongoing legal battle related to the end of their marriage. The alimony and assets divorce case has been remanded back to the trial court by an appellate court. The Florida couple's significant assets and financial relationship with a former father-in-law has complicated the resolution of the case.