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.
Your marriage was not like anyone else’s, so even though Florida judges do have a basic guideline for awarding alimony, they are not required to treat all divorcing couples the same. Our legal team at The Law Firm of Chris E. Ragano, P.A., has often counseled clients about how the statutes may apply to them, and what to expect based on their unique circumstances.
If you are receiving alimony in Florida, you may wonder what you can do if your ex-spouse stops paying the court-ordered alimony. This is a common issue that the law has set standards for. The Florida Statutes state that a person who stops paying alimony without a prior agreement or order to do so will be held in contempt.
No matter what your financial circumstances have been throughout your marriage, now that you are facing a divorce, you probably have genuine concern for your future. If you spent many years staying home raising children or gave up a career so your spouse could relocate frequently with his or her job, you likely have few individual assets.