We discussed some of the points that are used to determine alimony last week. If alimony is part of your divorce case, there are some points you should consider if there is the option of the alimony being awarded as a monthly payment or a lump sum payment.
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.
When you go through a divorce, you want to make sure that the settlement is a fair one for you. There are a lot of things that come into play to make sure that you do get a fair settlement. At the trial, you and the other person have to present evidence to the judge that will show the judge that you should get what you are asking for. It is then up to the judge to decide what you will receive.
Anyone who is going through a divorce has likely heard the term alimony. For people in Florida, the chance to learn about alimony recently came through a movie entitled "Divorce Corp." that played in some cinemas.
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.
Well-meaning parents wanting to ensure passage of adult children's inheritances into trusts often wish to keep the intended beneficiary's former spouse from asserting any claim to trust funds in case of divorce and possible alimony. In states such as Pennsylvania, this may not be the case. Article 5 of the Uniform Trust Code, UTC, shields assets held by discretionary or spendthrift trusts from creditor claims but does not disturb the legal rights of children and former spouses of primary beneficiaries to entrusted assets.
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.
Florida's governor vetoed this year's attempt to change alimony laws in the state, but another push to eliminate lifetime alimony and the way that it's awarded is expected to begin again in 2014. The issue of alimony is a hotly contested one, and many people feel that lifetime spousal support is an unfair burden for those who have to pay it. According to some of those who support changing alimony laws, courts often refuse to make changes to alimony requirements, forcing individuals into bankruptcy and insolvency.
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.