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Alimony Archives

Men: Here's a few tips for handling your finances during divorce

Men who are going through a divorce might think they're biased against in court, but fortunately, that's not the case. There are many things you can do to help make this divorce go smoothly and work out in your favor. Yes, divorce is a challenge and it can be complicated for everyone involved, but there are steps you can take to make sure you're prepared.

Is alimony still necessary?

Is alimony necessary? Do people in this day and age really need assistance after a divorce? The short answer is yes, and there are several reasons for that.

Florida could be changing alimony laws again

The State of Florida may be looking into alimony reform again in 2017, according to news from Dec. 22. Permanent alimony has been a contentious topic for some time, and it's not soon going to go away. The legislature did pass an alimony reform bill in 2016, but when a second round appeared before the governor, he vetoed them.

How adultery can affect you even after a separation

When you're ready to file for divorce, you might be considering moving on with another person. Even if both you and your spouse agree to a divorce, it may be a better idea to wait to become sexually involved with another person until your divorce is finalized. Why? You could be accused of adultery. If you were planning on filing adultery claims against your spouse, becoming intimate with another person can even cancel out that claim.

What determines the amount and length of alimony payments?

Alimony isn't always awarded in divorces. However, when it is, it's to help bridge the gap between the couple's respective pay gaps and living arrangements. Bridge-the-gap awards generally do not last longer than two years. It can also be awarded as rehabilitative compensation, which is there to support the person receiving it until they can work and support themselves. Durational alimony lasts a specified amount of time. Permanent alimony generally lasts a lifetime or until a person remarries.

You may be able to avoid paying long-term alimony

Monthly alimony payment programs may be good for one person in a divorce while hindering the other. They can be frustrating, and they may make it difficult to put your past behind you. If you want to avoid monthly payments, there are some other solutions you can consider.

What documents should you keep regarding alimony payments?

When you're planning to seek alimony, there are some documents that you should keep for the courts. Alimony, also known as spousal support, is not a requirement of divorce, so it's important to have the documents you need to prove that you require spousal support following the end of your marriage.

Alimony and your taxes: Deducting alimony on your return

When you pay alimony, you may have questions about how it will affect your taxes. Will you be taxed on the income you're losing? Will this affect your overall income level? Before you ever pay alimony in a divorce, understanding how you'll be affected in the long term is key to knowing which is a good settlement and which is one that could put you at financial risk.