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Posts tagged "income"

The complex process of determining alimony payments

Determining child support payments can certainly be complex, but there are mathematical formulas in place that help out. When it comes to alimony, nothing like that exists, so the whole thing can be far more confusing and difficult. It's very important to know how this works and how much alimony should be fairly paid.

Tax implications can affect how you handle alimony

Last week, we discussed some of the factors that are considered in Florida when it comes to alimony cases. While many people might think that alimony payments are great for the person receiving and not so great for the person paying, that isn't always the case. There are some specific tax considerations for you to think about if you are in the midst of a case involving alimony.

Types of alimony possible in a divorce settlement in Florida

Alimony is one of the considerations of divorce that some people are curious about. There are some people who find the thought of getting money every month from their ex-spouse alluring. Before any person heads to court for a divorce, they should know some of the basics regarding alimony in Florida.

Paying alimony in Florida may have a potential tax break

Getting divorced in Ft. Lauderdale can be stressful, but there might be one silver lining available for the payer of a spousal support award. Alimony payments may be deductible on federal income tax filings if specific requirements are met.

Changes to alimony law are being considered

Florida residents who have been stuck with lifetime alimony may be seeing some relief in the future. There has been a move away from lifetime spousal support due to the burden it places on the person responsible for paying. Alimony itself is not under fire so much as the issues it creates for individuals who are saddled with payments for the rest of their lives regardless of their financial situation.

States contemplating alimony reform

Florida couples contemplating getting a divorce might be interested to learn that some states are contemplating changing their alimony laws. Alimony comes into play when one spouse is ordered to make payments to the other spouse after they are divorced. Traditionally, when a spouse was ordered by the court to make payments to his or her ex, those payments lasted for the rest of his or her life. Some states are debating whether or not to change alimony laws to where lifetime alimony would be abandoned in favor of alimony calculated with special formulas that would determine how much alimony a spouse would have to pay and for how long.

Divorcees may face surprises during tax time

Many Florida divorcees may forget to consider the tax consequences of their divorces. There are many things that recent divorcees may not consider when filing their taxes, such as alimony. The divorced couple should discuss who will be claiming the children on their taxes because this can make a significant difference in overall tax liability. Many divorcees may also want to consult a professional tax service to make sure that they are doing their taxes properly, particularly in the first year after their divorce.

Push for alimony changes continues

Those in Florida who are attempting to change alimony laws faced a setback with the vetoing of a proposed law by the governor, but they have not given up the fight to change how spousal support is handled in the state. Alimony tends to be a point of contention during divorce because few people want to pay their ex after it has gone through. Still, there are very valid reasons why alimony was developed.