The number of couples going through divorces tends to rise at the beginning of each year. If you are among the many Florida residents who plan to divorce your significant other in the year to come, it is important to understand how doing so might impact your taxes. At the Law Office of Cheryl A. Bucker, P.A., we understand that divorce always has tax implications, but that new tax laws that took effect in 2019 may mean even more changes in the manner in which you file your taxes after a divorce.
When people are married for a significant amount of time, they often become financially dependent on one another. If one person worked and made money to support the family, the other person may be out of luck when it comes to supporting themselves once the couple separates. Alimony is designed to help the financially dependent party get back on their feet or live after their financial provider is no longer available. There are four different types of alimony available to divorcees in Florida, including permanent, durational, bridge-the-gap, or rehabilitative.
As a well-paid married female Florida business professional, you may discover that your high earning capacity leaves you open to the possibility of paying manimony should you and your husband divorce. What is manimony? As reported by Wife.org, that is the nickname given to the relatively new phenomenon of court-awarded spousal support payments made by an ex-wife to her ex-husband.
It is not uncommon for individuals’ financial circumstances to drastically change post-divorce, and for the support obligations ordered at the time of divorce to become unreasonable. If the court handed you a support order five, 10 or 20 years ago that you can no longer keep up with, you may wonder if you can modify the order and, if so, how. Fortunately, the law is on your side.
Divorcing couples looking to determine what their post-marriage lives will look like are often concerned about how their assets will be divided and how much money will be left for them. The question of spousal support comes to mind, particularly in a high-asset divorce.
Spouses may share resources in marriage, but they might not stay on a level playing field once the relationship turns sour. Such is often the case for couples that have widely differing incomes and for stay-at-home parents.
While thinking about spousal support, many people worry about the amount of money that they may have to pay or receive. If a spouse must pay too much, divorce could destroy their financial health. If a spouse must receive too little, they would also suffer as bills pile up. How does the state determine the right amount?
In the last few days of 2017, President Trump signed the tax reform bill into law. Florida residents are still trying to figure out exactly what the changes will do to their finances. If you are getting a divorce, however, you probably have extra concerns about this new policy.
Speaker of the House Paul Ryan recently unveiled a much-anticipated tax reform proposal. The bill already has many supporters and detractors, divided mainly along partisan lines. While we have no interest in taking sides in this space, we do want to point out a section of the proposal that has so far received scant attention.
In some ways, life after 50 can be the best time of all. People have defined careers that often result in not only monetary compensation but a sense of fulfillment as well. Many people in midlife are also more comfortable with their bodies and have settled on a style that suits them. Many folks over 50 are also nearing the end of their child-rearing adventures (or have already packed the kids off to college) and can look back with satisfaction on their family lives.