Taking the family home in
lieu of alimony payments may seem like a good idea now, but real estate values could fluctuate.
There are numerous factors to consider when determining whether or not a spouse is entitled to spousal support and the
amount of alimony payments or spousal support for which he or she is eligible.
There are federal regulations that play a role, most of which are tax - related — i.e., the current
deductibility of alimony payments and the untaxed transfer of certain retirement assets.
While there are a number of changes that will impact many of us in various ways, the changes in the tax
treatment of alimony payments could... [Continue reading]
Sure women theoretically could pay alimony to a man but it is very rare — 3 % or
less of alimony payments go to men despite the fact that women earn almost as much as men these days.
Whether that means working to finalize a divorce or separation by the end of 2018 or considering the
impacts of alimony payments on both parties in 2019 and beyond, family law professionals must keep these new provisions in mind.
If, as a result of a final and binding judicial determination or because of a subsequent change in the governing law or its authoritative interpretation, it is established that any or all of said payments are not deductibe by xx, the parties agree to renegotiate the amount
of the alimony payments so that this amount is consistent with the intention of the parties.
However, premium payments may be deductible and expensed if they are
part of alimony payments or as charitable contributions.
If you are likely to be the
recipient of alimony payments, you may be better off to have your divorce settled on or after January 1, 2019, because then any alimony payments will be tax - free to you.
There are federal regulations that play a role, most of which are tax - related — i.e., the current
deductibility of alimony payments and the untaxed transfer of certain retirement assets.
Likewise, in the case of alimony, although there are no specific guidelines, if either former spouse has had a substantial change of financial circumstances, such as the loss of a job or an increase or decrease in income or needs, it may be appropriate to modify the
amount of alimony payments or the length of time payments are made.
However, in some limited situations, Florida divorce laws do consider adultery a factor in determining how marital assets are divided, the amount
of alimony payments, and child custody arrangements.
It's sometimes hard to predict what the amount
of the alimony payments will end up being.