Pursuant to the Federal Tax Code changes, which went into effect earlier this year, the deductibility of alimony will be abolished in all divorces which are not concluded before January 1, 2019. All divorces or decrees containing an alimony award prior to January 1, 2019 will retain the deductibility. This change will cost individuals, who cannot conclude their divorce or obtain an alimony decree before the end of this year, tens of thousands, if not hundreds of thousands of dollars. Currently, alimony is an "above the line deduction". This means that for every dollar you pay in alimony, you are able to deduct a dollar of income. For example, if you pay $10,000.00 a month in alimony, you get to deduct $10,000.00 of your income. If you are in the 40 percent tax bracket, you would pay $4,000.00 from every $10,000.00 income that you earned. Consequently, if you get to deduct $10,000.00 for your alimony payment, then you would be saving $4,000.00.
It's common knowledge that financial stress during the marriage is one of the major causes for divorce. It also is one of the major causes of stress in single people, whether they're married or divorced. However, taking control of your personal finances (no matter how old you are or regardless of your marital state), is not as complicated as many people believe.
What is alimony? There are six different types of alimony in Florida, determined by various conditions within the marriage. Learn about each kind and what it provides divorced parties.
You can buy and sell almost anything on the Internet. Just log onto eBay some time and you will be amazed by what people are selling. How and what you sell is limited only by your own creativity. Recently, a divorced man apparently got a little too creative on Craigslist while attempting to terminate his spousal support. My thanks to divorce lawyer Robert M. Kisselburgh of the Mississippi Family Law Blog for the following post:
On April 18, 2013, after an hour of emotional debating, the Florida House passed SB 718 that would, according to an article by Kathleen Haughney and Lisa Huriash of the Sun Sentinel, do a number of things, including: