Exploring the new provisions of the Tax Code regarding the coming nondeductibility of alimony
Alimony awards as parties in Florida divorce near retirement
Given Florida’s popularity as a retirement destination, the issue commonly comes up about how to structure alimony when divorcing parties are nearing retirement age. This is a multifaceted question of some complexity.
New tax law will make alimony more expensive to paying ex-spouses
The Tax Cuts and Jobs Act has many controversial provisions, but one will have significant impact on many divorcing couples. The new tax law makes an unexpected change to a tax arrangement that has been central to American divorces for three-quarters of a century.
Can an adulterer obtain alimony?
It was not only hurtful but also insulting when you found out that your spouse was cheating on you. You knew that you wanted to get a divorce immediately, because you could never forgive him or her for doing so.
Can men get alimony if they're stay-at-home spouses?
As a man in an unusual situation, it's important that you understand alimony. You may have been a stay-at-home father, or perhaps you put your career on hold for your spouse. Whatever the reasons were, if you're not where you wanted to be in your career, alimony is one way that your spouse can make up for that.
Preparing for divorce: What you should keep in mind about alimony
When you're going to be paid or going to pay alimony, there are records you should keep. Preparing for what you need now can help you avoid trouble later. These records are important for your own recordkeeping as well as for the courts and your taxes. Alimony is tax deductible for the person paying and needs to be reported by the person receiving it so that he or she can pay taxes on the sum.
Alimony: An important support for supportive spouses
Although you may not want to pay spousal support to your spouse upon divorce, it's important to recognize the purpose of it. Spousal support, also known as alimony, is awarded to help limit unfair economic effects of a divorce. For instance, if you have been the sole provider and your partner was a stay-at-home parent, then alimony may be paid to help your partner while finding a job or going back to school to start a new career. Alimony may also be awarded to help your spouse continue to live at the same standard that you do now.
Alimony can support the lifestyle you've become accustomed to
When you are facing the prospect of divorce, one of your main concerns may come down to money. If you've been a housewife or househusband, you may not have a career to support you. Even if you get a job, there's a chance it won't pay as much as your spouse currently earns.
Alimony can be an important topic in a gray divorce
You've been living with your spouse for many years, and your finances are intertwined. You stayed home to watch your children more than your spouse, so you only worked part-time. Now, you're in your 50's and your children have finally moved out of your home. You thought this was when you'd get back to living in a way that celebrated your spouse and your achievements and life together, but your spouse wants to get a divorce. You aren't sure if you should ask for alimony or not.
Paying taxes: Alimony and how it affects your taxes
If you pay alimony, one thing you have to consider is the impact it will have on your taxes. Alimony is treated as a type of income. Since you're the one who will have to pay alimony, your ex-spouse needs to pay taxes on that income.
