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.
The end of a marriage can often come with serious financial setbacks for one or both parties. If a divorce has a significant impact on a spouse's financial well-being, then either the spouses or the courts may arrive at an agreement that includes provisions for alimony. Florida has its own laws regarding spousal support and the terms under which it may be awarded.
Many Florida spouses have grown used to the tax deduction that comes with paying spousal support. It can certainly take some of the sting out of those payments and is a welcome relief at tax time. The newly signed tax reform package, however, eliminates the alimony tax deduction. That will change the financial landscape for many divorced spouses and could also lead some married folks to seriously consider filing for divorce.
Many Florida spouses are carefully watching the progression of the Republican tax plan. There are numerous controversial aspects of the plan, but one that has sparked debate involves the elimination of the alimony tax deduction. That could change the financial landscape for hundreds of thousands of Americans, which is an unwelcome change in many households.
As Florida residents debate the recently proposed GOP tax cuts, they may want to take a close look at the provisions within the proposal. One of the ways that Republican lawmakers plan to pay for tax cuts is by eliminating the tax deduction for alimony payments. That can make a big difference in the bottom line for many Americans.