Time is running out for couples planning to divorce before new alimony tax rules kick in at the start of 2019. For those in Florida who want to retain the ability to claim alimony payments as tax deductible, there are only a few weeks left to hammer out any remaining divorce issues and get the matter finalized. In many cases, wrapping things up before that date is best for both parties.
For some Florida divorcees, the idea of making regular support payments to an ex-spouse is extremely uncomfortable. Still, alimony is an important part of family law that is not going away any time soon. To avoid being caught off guard, individuals who suspect they may be ordered to pay support may want to familiarize themselves with alimony, its purpose and the deciding factors that go into a court decision.
In many cases, a divorcing spouse has a fairly good idea of what to expect when it comes to spousal support. A skilled divorce attorney can review the family's finances and provide a decent estimation of how the property division process will work out and what level of alimony can be expected. However, it's not always possible to predict when those payments will begin, which can leave Florida spouses in a sticky financial spot.
Negotiating spousal support can be one of the most difficult parts of a divorce. For many Florida spouses, the assistance of a spousal support law firm not only leads to a more favorable outcome, it also provides invaluable peace of mind. As alimony negotiations begin, the following tips can make the process easier.
Most Florida residents are aware of the recently passed Republican tax bill. Some of those changes will go into effect in the new year, while others have a delayed start. One of the biggest changes in the new tax structure is the fact that spouses who pay alimony will soon lose the ability to deduct those payments from their taxable income. That is expected to change the focus of a spousal support law firm in order to offset tax losses.
Certain readers may have read news coverage of the end of the marriage between Jesse Jackson, Jr., and his wife, Sandi Jackson. The couple have been in the headlines in recent years after they were accused of misappropriating campaign funds that were intended for use in Jackson's congressional run. After serving time in prison for those events, the couple is now preparing to go back to court to iron out the details of their divorce, which is making news in Florida and across the nation.
When it comes to divorce, few things are more critical than getting the financials right. The manner in which property division, child support and spousal support are handled will have lasting ramifications. That is why it is so important to make sure that every detail is properly covered in the divorce settlement. Punta Gorda spouses who are considering divorce should make every effort to double check that the settlement is in line with their expectations.