Three Things You Need to Know About Alimony
Three Things You Need to Know About Alimony
There are not many experiences in life more difficult than ending a marriage and breaking from the vows you made. It’s not easy to walk away from the dream of the life you and your spouse planned. Very few life experiences are more stressful or more complicated. However, If you’re thinking of getting divorced, there are a few things you need to factor in as you make your final plans.
Issues such as child support and custody arrangements, the separation of property acquired during the marriage, and decision about any business dealings are usually the first things in the minds of most people contemplating divorce. But there is also the possibility of alimony, and that should be considered before you take your case to court.
In Florida, there are several things you should know about alimony before you make plans. Here are just three things The Campbell Law Group hopes you consider.
Factors Determining Alimony
First, there are several factors the courts consider before awarding alimony. Some of those factors include:
- The standard of living during the marriage
- The length of the marriage
- The financial resources of each spouse
- The income-earning capacity of each spouse
- The time needed to receive the necessary education or training to acquire appropriate employment
There are many more factors you need to be aware of before you make your decision. Be sure to call The Campbell Law Group to discuss your best strategy.
Types of Alimony
The second point you should know is, there are several types of alimony the courts may award. Regardless of whether you may be in a position to receive alimony or whether you may have to pay alimony, you need to be aware of the types of alimony so that you can plan accordingly.
- Bridge-the-Gap alimony may be awarded to assist a party by providing support to allow the party to make a transition from being married to being single. Bridge-the-gap alimony is designed to assist a party with legitimate identifiable short-term needs, and the length of an award may not exceed two years.
- Rehabilitative alimony may be awarded to assist a party in establishing the capacity for self-support through either through the redevelopment of previous skills or credentials or the acquisition of education, training, or work experience necessary to develop appropriate employment skills or credentials. However, in order to award rehabilitative alimony, there must be a specific and defined rehabilitative plan which shall be included as a part of any order awarding rehabilitative alimony.
- Durational alimony may be awarded when permanent periodic alimony is inappropriate. The purpose of durational alimony is to provide a party with economic assistance for a set period of time following a marriage of short or moderate duration or following a marriage of long duration if there is no ongoing need for support permanently.
- Permanent alimony may be awarded to provide for the needs and necessities of life as they were established during the marriage of the parties for a party who lacks the financial ability to meet his or her needs and necessities of life following a dissolution of marriage.
Now there are caveats you should be aware of with each of these types of alimony such as their duration or whether or not they can be modified. Our experts at The Campbell Law Group can help you decide your best interests.
Alimony and Taxes
Lastly, like with any other topic involving money, what would the discussion be without mentioning…taxes.
Many of you might be surprised to learn that in 2018, Congress changed the federal law pertaining to alimony, which went into effect on January 1, 2019. Where the payer once could take a federal deduction for paying alimony, they no longer are allowed, if the divorce was after January 1, 2019. And with that, the recipient now no longer has to pay federal taxes on the income.
Now, while this might sound like a very good thing if you’re planning on being a recipient of alimony, some attorneys who specialize in divorce cases are learning that strategically, this might not be a good thing because it may alter negotiations in other areas of the proceedings.
Also, other factors come into play that you should be aware of, such as if your divorce was prior to 2019, but modifications are to be made after 2019, and if there are there any loopholes you can use by making payments from your retirement accounts.
As you can see, aside from all of the other complications divorce brings to a family, the issue of alimony should be a significant concern as you plan the best course of action for yourself.
If you’re thinking of getting divorced, do yourself a favor and remove some of the stress right now. Contact the experienced family attorneys at The Campbell Law Group right now. We have the expertise and know-how to approach the difficult topic of alimony and can help you develop a strategic plan to protect your interests.
- “What Do I Need to Know Before Getting a Divorce? | Nolo.” https://www.nolo.com/legal-encyclopedia/getting-started-with-your-divorce.html. Accessed 21 Jan. 2020.