How to Modify Your Alimony Payments in Florida

Picture of alimony paymentIf you have been making the same alimony payment for years, there is a chance you are ready to move on with your life — and a chance your former spouse is ready, financially, for you to end spousal support.

But the modification or termination of alimony is a difficult process, particularly when you and your former spouse are not on good terms. To get started, follow these steps:

Understand the Different Types of Alimony

There are several different types of alimony. Some are designed to be short-term, giving one spouse time to finish an education, get a promotion, or start a new career. Others are more permanent. read more

How Remarriage Can Impact Alimony in the State of Florida

Picture of two people holding handsThroughout divorce proceedings, alimony may be granted to either spouse.

There are several types of alimony awards. Some are granted to “bridge the gap” between spouses, ensuring both can be self-supporting following divorce. Others are intended to give one spouse financial support on a limited or permanent basis. Alimony may also be used to reimburse one spouse’s contributions throughout the marriage.

The most common type of alimony is called “periodic.” It consists of payments made from one spouse to another according to a set schedule. There are several factors that determine if, and how much, alimony will be granted, including: read more

Alimony and the New Tax Laws: What You Need to Know if You Pay Alimony

Tax Laws

If you pay alimony, you may have seen news coverage in recent days and weeks, talking about how the new tax plan approved by the Republican House and Senate, and signed into law by President Trump, affects you. Both payors and recipients of alimony express concern about how the new tax laws on alimony may impact them and their families.

Tax LawsCurrently, if you pay alimony, you probably know the IRS reduces, for tax purposes, your income by the amount of alimony you pay.  In other words, if you make $150,000 a year, and you pay $30,000 a year in alimony, your taxable income is reduced by $30,000.  If your current tax rate is 33 %, you reduce your tax obligation by $9,900, by not paying taxes on the $30,000 paid to your ex.   This tax deduction has been available to those who pay alimony for the past 75 years.  Family law attorneys routinely consider this benefit when negotiating alimony amounts. read more