If you have long stayed home taking care of the kids while your spouse has been the primary breadwinner, then you may have not remained as up-to-date in your career field as you would have liked. You also likely haven't gained valuable work experience needed to help you make the type of salary that you need to support your family on your own. In situations like this, a judge may order your ex to pay you alimony.
Florida family law judges used to award spousal support more indiscriminately and for extended periods of time in the past. In recent years though, they've ordered spouses to pay it only in particular instances and on a temporary basis.
In many households across America, one spouse will assume the role of breadwinner for the family while the other stays home caring for the kids. That can create financial concerns for the homemaker spouse if there's a divorce. If you're in this situation, you may realize that you can request alimony -- but you may not be certain about what figures into a judge's decision about whether or not you'll receive it.
You and your spouse have always used a joint credit card, and you did not have one at all before you got married. Now you have decided to get divorced, and so you're canceling that joint account. Perhaps you already canceled it as soon as you filed to prevent any confusion.
In Florida, there are two types of alimony, durational and permanent, each of which is intended to help a spouse cover their bills as they adjust to their new set of financial circumstances. While many judges generally lean toward awarding spouses durational alimony, there are situations in which they still award permanent spousal support awards.
Once the Tax Cuts and Jobs Act (TCJA) fully goes into effect on Jan. 1, 2019, any spouse paying alimony will no longer be able to deduct it on their taxes as they have in the past. Recipient spouses will also no longer have to claim the monies that they receive as income. A recent case brought in front of the tax court on Sept. 5 perhaps set a new precedent for what's considered as alimony.
Time is running out for couples looking to finalize their divorces before new alimony law goes into effect on January 1, 2019. Once it does, the paying spouse will no longer be able to use the amount that they pay as a deduction on their taxes. The recipient ex-husband or wife will no longer have to pay taxes on payments received anymore either.
There are often two issues that divorcing couples often wait up until the eleventh hour to settle before finalizing the end of their marriage. Child custody and alimony seem to be what couples most often have difficulty reaching an agreement about.
If you've thought about walking away from your marriage, then the year to do so may be 2018. If you're someone who has a sizable investment portfolio, an executive's salary or other valuable assets, then you'll want to consider how the change in spousal support laws at the end of the year may affect you.
A study published late last month by Boston College's Center for Retirement Research (CRR) shows that many divorcees may have to buckle up and spend an extra few years in the job market or otherwise plan to live on a lot less money in the future.