Last year, changes were made to the Internal Revenue Code, some of which took effect in 2019. One of the most debated changes involves alimony tax rules. Now that the changes are in place, Florida residents may be in for a few surprises when they file their 2019 taxes next year.
For those who are headed for a divorce, the stress surrounding the process sometimes makes it difficult to address difficult topics. One of the more contentious subjects is the matter of alimony, or spousal support payments. Florida residents who are preparing for a divorce may be unsure how to approach the topic without making matters worse.
The end of a marriage is often a tumultuous time that can quickly degrade into fighting and protracted court battles over finances. One of the most contentious disputes during a Florida divorce often involves the matter of alimony. Recently, there have been efforts to reform the alimony laws.
In many marriages, one spouse earns more than the other. For this reason, when a couple divorces, the lower-earning spouse may be granted alimony for a set period of time. Florida residents who are worried about their finances after a divorce may qualify for spousal support to help them until they achieve financial stability.
On average, an estimated 4,000 divorces are filed every day in this country. Many of these marriages had lasted for years and included an unequal income ratio between the spouses. While states have set guidelines concerning how much alimony should be awarded, the majority, including Florida, do not have an online calculator to help spouses determine an equitable amount.
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.
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.
Once the decision to file for a divorce has been made, there are many issues that need to be addressed. Two of the most difficult matters to be resolved are child custody and alimony payments. While most states have guidelines for determining child support payments, the issue of spousal support may have many factors that can be taken into consideration. Florida residents who are informed and have a plan may be better prepared for the negotiation process.
In 1960, an estimated 11 percent of households had a woman as the primary wage earner. Even though media sources have often reported on the wage discrepancy between men and women for comparable employment, more women are becoming the primary provider in many households. Florida residents who are contemplating a divorce may be surprised to learn that more and more women are being ordered to pay alimony and child support.
Those who play professional sports are likely accustomed to having their private lives exposed to media scrutiny. As such, when these individuals seek a divorce, the settlement details, including any alimony agreements, often become public knowledge. Florida fans who follow basketball news may have been surprised when WNBA star Candace Parker was ordered to make alimony payments to her former spouse.