If you and your spouse in Florida are considering or have decided that it is time to end your marriage, you might have a lot of questions about what type of agreements you will have to make. For marriages that have lasted many years, it is not uncommon for one spouse to pay the other person alimony for some period of time after the divorce is final. However, the new tax code that went into full effect this year may not make that your best bet.
As explained by CNBC, if you are the spouse who might have to pay spousal support, you would now be liable for the taxes on any money you pay instead of being able to deduct the payments from your tax return. If you are the spouse who might receive alimony, this change may mean you could end up with less in alimony than you would previously have received. CNBC indicates that these realities make it worth your time to consider alternatives to spousal support.
Property division agreements may be a viable alternative to alimony. One spouse could make a lump sum payment to the other or make regular payments over time to cover what would have been alimony. There may even be other assets that could be granted to one person in lieu of spousal support.
If you would like to learn more about some of the options you may want to consider in lieu of spousal support when getting divorced, please feel free to visit the marital dissolution agreement options page of our Florida alimony and divorce website.