If you are ordered to make alimony payments in your divorce settlement, you have been able to write those payments off on your taxes in years past. Previously, alimony payments were tax deductible under federal law. However, changes to this federal law have restricted this right for people in Florida and throughout the United States. In 2019, alimony payments are no longer tax deductible, and this change may have a significant effect on your taxes, your finances and your life.
If you have recently filed for divorce or are simply considering the prospect, there are a host of issues you must tackle when creating the divorce settlement. Property division may be one of the most overwhelming issues, as it is often hard to divide the possessions that were accumulated during the marriage. Florida is an equitable division of property state, meaning all marital property is divided according to what is deemed fair and equitable. However, not all items are considered marital in some divorce cases, and you may be able to keep possession of property without dividing it in the final divorce settlement.
As one-half of a Florida high-asset couple seeking a divorce, you may fear that your spouse is hiding marital assets in order to deprive you of that which is legally yours and enhance his or her own post-divorce financial situation. Unfortunately, spousal marital asset hiding represents a rather common form of financial fraud practiced by a surprising number of vindictive and/or greedy spouses.
Divorce at any age can be emotional. Not only are you faced with the task of dividing marital property you have accumulated during the marriage, but there are financial issues that must be addressed before the final settlement is approved. This can be especially difficult if you are over the age of 50 years. Although you may believe that the longer you stay married, the less likely you are to file for divorce, a study initiated by Bowling Green University shows differently. According to researchers, the rate of people over the age of 50 who are filing for divorce is steadily increasing. While only one in ten people in this age bracket filed for divorce in 1990, one in four filed in 2009 and the numbers have risen. It is predicted that the number of post 50-year-old divorces could reach 800,000 by 2030.
When you and your spouse get a Florida divorce, the law requires that you divide your marital property fairly and equitably between you. But what exactly does “fair and equitable” mean? Unfortunately, no clear-cut definition exists. What may be fair and equitable for one couple could be completely unfair and inequitable for another.
People who file for divorce in Florida, must face a myriad of issues, including child custody, alimony and child support. One of the most difficult may be that of property division, as people may develop an emotional attachment to the items accumulated during the course of the marriage. During a divorce, however, all marital property is subject to division and both parties must disclose all property. While family homes, vehicles, electronics and furniture are obvious components of marital property, there are other less common items that may not be considered.
If you had the hindsight to devise and sign a prenuptial agreement prior to legalizing your Florida marriage, you may feel comfortable in the knowledge that you and your assets are protected in the event of a divorce. However, while premarital agreements do protect both parties’ interests in a separation, they are not always valid. If you signed your prenup under certain circumstances, or if you or your spouse withheld certain information at the time you created your prenup, the courts may deem your premarital contract null and void.
If you have never run across the word “manimony” before, be advised that this is the new nickname for the spousal support payments that an ex-wife pays to an ex-husband after a divorce. It could impact your life if you and your husband obtain a Florida divorce and you earn more than he does.
You may understand the court's decision to award your ex-spouse alimony following your divorce in Sarasota, especially if you were the primary wage-earner during your marriage. Helping out financially until they are able to support themselves may be no problem; what could frustrate you, however, is them purposely trying to prolong you having to pay alimony. In such a case, your payments go from being a needed means of support to almost a form of punishment.
Americans cannot seem to distance themselves from social media, whether they are posting a selfie while attending a concert or tweeting a status update regarding a special moment in their lives. Many people do not realize, however, that certain social media posts can be used as evidence for or against them in a divorce case.