The new tax code that went into effect at the beginning of this year affected the long-standing way in which alimony payments have historically been handled. Former spouses who make alimony payments no longer qualify for tax deductions. Their recipient ex is now required to pay income taxes on what they receive. This approach to taxing alimony is significantly different from how it's historically been for the past few decades.
In May 2019, a Florida appeals judge decided that the omission of the letter "a" on a legal document should cost one divorce petitioner $1,500,000.
Conversations about alimony frequently get heated. This often happens because the breadwinning spouse has grown tired of supporting their stay-at-home husband or wife. They don't want to give up their hard-earned money to their ex. Their spouse may have long relied on their financial support though. They may need time to make a transition into their career. There are some tips couples should remember when negotiating alimony.
A widely-discussed (and disputed) alimony reform bill that was pushed forward by the Florida Family Law Reform Political Action Committee (PAC) failed to even get a hearing before the Florida House and Senate in its 2019 legislative session.
Many women who find themselves being dragged in and out of Florida courtrooms over issues surrounding alimony belong to the First Wives Advocacy Group (FWAG).
The Florida Family Law Reform (FFLR) Political Action Committee (PAC) announced on March 22 that they're throwing their support behind House Bill 1325 and Senate Bill 1596. If passed, both laws would help do away with permanent alimony awards.
A study published in Motherly magazine in late January captured how, despite that many women have joined the workforce during the past 100 years, many still considered it to be optional whether to have a career or stay home with the kids. The authors note that they're slowly realizing though that a single income doesn't stretch as far as it once did though.
Our state recognizes more than one type of spousal support. Under Florida Title VI: Civil Practice and Procedure Section 61.08, a judge presiding over the dissolution of a marriage can award a spouse permanent, bridge-the-gap, durational or rehabilitative alimony. Judges can also order the paying spouse to make either lump-sum or periodic payments or a combination thereof. Certain conditions must be met in order for the courts to award these different types of alimony.
The months following the holidays are generally busy for divorce attorneys as many couples spend time together and realize that they just don't mesh anymore. This year, though, there's a final rush right before the year ends for a whole other reason. Many couples are looking to finalize their divorces before Jan. 1 in hopes that they won't be impacted by the changes to alimony that the new Tax Cuts and Jobs Act will bring with it.
Come Jan. 1, the Tax Cuts and Jobs Act will go into effect. Once it does, an alimony-paying spouse will no longer be able to take a tax deduction for making such a payment on their yearly tax filing.