On behalf of The Law Office of Gustavo E. Frances, P.A.
You may be aware of the ins and outs of divorce law, but a new federal law that is taking effect at the end of this year can really change the outcome of your divorce and your finances in the aftermath.
For more than 70 years, the spouse who is the higher earner (the one paying alimony) has been able to deduct alimony payments from their taxes and the receiving spouse had to pay taxes as if the alimony was earned income.
Not anymore.
Anyone who gets divorced after December 31 of this year will be subject to changes. Now, the higher-earner will be paying taxes on the alimony and the receiving spouse will not.
Do you know where to turn when you need help figuring out your divorce and alimony situation?
If you need an alimony attorney in Fort Lauderdale, you can turn to The Law Office Of Gustavo E. Frances, P.A. for help.
Quick Alimony Review
Alimony payments are a way in which the spouse who has greater means supports their ex-spouse. This can be both a permanent or temporary situation. In Florida, the types of alimony revolve around how long the marriage lasted. Let’s look at three scenarios:
- Short-term alimony can be awarded in a marriage that lasted fewer than 7 years.
- Moderate-term alimony can be awarded for marriages that lasted between 7 and 17 years.
- Long-term alimony can be awarded for marriages that lasted longer than 17 years.
Here are a few terms you may hear:
- Temporary alimony – can be awarded while the divorce proceedings are going on and can be followed up by other types after the divorce is complete.
- Bridge-the-gap and rehabilitative alimony – these are focused on transitioning the spouse with lesser means to a path in which they can support themselves and often includes education or vocation training.
- Durational alimony – this is usually awarded when marriages were shorter and the payments will not exceed the length that the marriage lasted.
- Permanent alimony – this is usually awarded when the marriages were longer and the receiving spouse does not have the ability to maintain the lifestyle they were accustomed to during the marriage.
There are times when the courts will allow a lump-sum alimony payment as a way to equalize divorce assets.
Many things affect alimony payments and they can be stopped or adjusted after time, depending on the situation (remarriage, income earned or lost, etc.)
What Can You Do?
We know that this is not something you want to be going through. Divorces can become complex and, when there is alimony involved, they can become emotional. Regardless of whether you are going to be the receiving spouse or the paying spouse, we know you have questions. At The Law Office Of Gustavo E. Frances, P.A., we want to provide you with answers. When you need an alimony attorney in Fort Lauderdale, you can contact us by clicking here or calling 954-533-2756 for a free consultation.
