There has been much discussion concerning the upcoming changes in the tax laws and how they will impact divorce settlements beginning in 2019. The Internal Revenue Code will no longer allow those paying alimony to deduct the payment from their income for tax purposes. While the recipient will no longer have to pay taxes on the amounts received, this is not expected to be a financial win. Florida residents who are concerned about how these changes will directly impact them should consult family law attorney.
Many lawyers have expressed their concerns over how the upcoming changes are already affecting divorcing couples. Because the tax changes will generate more revenue for the federal government over the next 10 years, this translates into taxpayers shouldering more of the tax burden. Couples are now rushing to finalize their divorces before the end of the year in order to take advantage of the existing law, which may mean they are making hasty concessions.
It is feared that the change regarding the deductibility of alimony payments will have a negative impact on lower-income families who rely on these payments. Since the paying spouse will no longer receive any tax advantages, he or she will be much less inclined to agree to any alimony. Though more and more women are paying spousal support, it has traditionally been women who suffer financially after a divorce and the new tax laws may only add to the struggles to stay afloat financially.
Many are also worried that children will also be negatively impacted by this change since alimony and child support are often calculated together during divorce negotiations. This could lead to even more pressure for financially-disadvantaged families. The fact that alimony payments will not be taxable income is not expected to bring any relief since overall payments will likely be lower. Florida residents who are worried about how all of these changes will impact their divorce filing may consult with an experienced attorney who can help structure their settlement to best meet their families’ financial needs.
Those who work in the entertainment industry may often feel compelled to maintain a more extravagant lifestyle than those who live more mundane lives. Unfortunately, during a divorce proceeding, there may be more assets and property for these couples to fight over. Florida residents who believe that their spouse’s lifestyle would enable them to provide alimony support are entitled to seek a more equitable division of the marital assets.
Recently, actress Tisha Campbell-Martin submitted a revised alimony request after supposedly obtaining evidence of her former husband’s expansive and expensive wardrobe collection. According to the former Ms. Martin’s petition, her ex-husband is in possession of approximately 500 hand-made shirts that were purchased for an estimated $1,500 per shirt. That would equal approximately $750,000 in clothing assets alone.
Tisha Campbell-Martin and Duane Martin were married for approximately 20 years and raised two children together. The details surrounding their divorce were not disclosed in the recent report. However, Ms. Martin revised her settlement demands after apparently seeing video of the clothing purchases her estranged husband had made.
Campbell-Martin has listed her monthly expenses as being an estimated $33,000. She has claimed assets of an estimated $1.5 million. She is currently not claiming a steady income, though the amount she is requesting in alimony has not been disclosed. Her husband purportedly earns $65,000 monthly and was accused by his wife of attempting to hide and divert assets during the time of their marriage. Florida residents who are struggling to gain access to their equitable share of the marital assets may enlist the assistance of an experienced attorney.
The word divorce might make you think of arguments, anger and resentment. Indeed, our culture’s view of divorce indicates that it is usually one person’s fault, and it is a failure for both parties. Any mature adult who has mutually chosen to separate from a partner knows how untrue and unfortunate this common misconception is. The truth is, many spouses simply grow apart after they are married.
What does it mean when a couple “grows apart,” though? This phrase is vague, and it does not necessarily refer to any single experience or situation. Rather, this can describe a range of factors that lead to the end of a marriage. Here are three examples of what may happen when you grow apart:
According to The Huffington Post, lack of communication is the leading cause of divorce in the United States. Indeed, many couples struggle to talk openly with their spouse about their feelings and concerns, and this problem can lead to growing apart over time. When you do not communicate with your partner, it creates a gap between you that will only widen with time.
Goals are different
You might have no problem communicating with your spouse but still find that you are growing apart from them. Another potential contributor may be a disparity between your goals and your spouse’s. When you married, you were likely on the same page about what you wanted and expected. Sometimes your needs change, though, and it may be difficult to reconcile this with your spouse’s needs.
Relationship becomes friendship
Keeping a marriage together is a juggling act. You have to make time for your partner and maintain the connection that brought you together in the first place. Sometimes couples get too busy or lose the motivation to do so, and a relationship can turn into a friendship. There is nothing wrong with this, but it may signal that divorce is the healthiest option for both parties.
The dissolution of a marriage can lead to intense bitterness and acrimony, especially when the couple have considerable assets to divide. Though many couples may have signed a prenuptial agreement in an effort to reduce fighting, individuals caught up in a high asset divorce may still make harsh allegations during court proceedings. Florida residents facing these issues can seek the guidance of experienced family law attorneys.
Recently, the soon-to-be ex-wife of a business owner and political donor filed a brief related to the couple’s divorce which is scheduled for court in the coming days. In her response, she has accused her husband of degrading and humiliating treatment. She has described multiple affairs and other behaviors which may have negatively affected the couple’s minor son. She is seeking child support of an estimated $15,000 per month as well as a settlement of approximately $4 million along with 50 percent of her husband’s property and assets.
In response, the husband’s attorneys are seeking to have the brief dismissed as they state that her claims are irrelevant to the case. They have also argued that her filing was received too late to be considered. Her husband has countered with an offer of approximately $2,100 a month in child support and has offered to pay for the child’s private school tuition.
Both parties have apparently engaged in extramarital affairs, though the wife claimed that she was forced to openly confess to several of the couple’s acquaintances. They purportedly do have a prenuptial contract and the wife’s demands are supposedly in line with the terms of that agreement. Florida residents who are struggling to resolve their own disputes may benefit from the input of an attorney who is experienced in handling a high asset divorce.
The decision to end a marriage is usually only the beginning of the divorce process. Often, disagreements over how to reach a suitable property division settlement prolong the process indefinitely. Florida residents who find themselves embroiled in a contentious battle may find that the input from a neutral party can help them resolve the issues in a timely fashion.
After more than 17 years of marriage, the well-known guitarist, Slash, from the band Guns-N-Roses, announced that his divorce is finally settled. After several months of acrimonious disputes, the former couple have reached a property division agreement that will allow the musician to keep his cherished collection of guitars while providing generously for his former wife and children. The musician, also known as Saul Hudson, will also retain the rights to his musical compositions and his share of the proceeds from the most recent concert tour. In addition, he was awarded his pickup truck and one of the couple’s homes.
His former wife will receive more than $6 million in equity payments as well as spousal support in the amount of $100,000 per month. She was awarded physical custody of their two children for whom she will receive approximately $39,000 per month in child support. In addition, the children were awarded an estimated 0.09 percent of their father’s income over the next 20 years.
Slash originally filed for divorce from his wife in 2014. In 2016, he stated that the couple were not legally wed because a previous marriage between his wife and another man was not officially dissolved until years after the couple were married. Because the pair did not sign a prenuptial agreement, the former Mrs. Hudson would have been entitled to half of the marital assets if they had not reached an alternative agreement. Florida residents who fear that the property division aspect of their divorce will cause them to suffer financially may choose to seek the advice and counsel of an experienced family law attorney.