Trusted, Experienced, and Compassionate Alimony Attorney in Stuart, Florida
The subject of alimony can be a difficult one, and most men and women have very different opinions on it. However, regardless of varying beliefs and opinions, alimony is still a popular discussion in many divorce proceedings.
The legal team at The Law Offices of Travis R. Walker, PA specialize in various areas of family law, including the following:
- Equitable Distribution
- Child Support
- Parenting Plans
If you and/or your spouse are considering filing for divorce, or if you have questions about alimony, then contact our team today for legal advice and help.
The Different Types of Alimony in Florida
In the State of Florida, alimony is also known as maintenance and is broken down into the following different categories:
- Bridge-the-gap alimony
- Rehabilitative alimony
- Duration alimony
- Permanent alimony
Depending on the circumstances of the marriage and the divorce, including the length of the marriage, finances, and even reasons for divorce, the Court may grant alimony to either spouse.
How Alimony in Florida is Calculated
Alimony in Florida is calculated based upon an individual’s need and another individual’s ability to pay.
Although there is no set formula or rule for calculating alimony in Florida, this formula is often used:
30% of the payer’s gross annual income
— 20% of the payee’s gross annual income
= ESTIMATED ALIMONY AMOUNT
In addition to looking at finances, the Court looks at whether the spouse requesting alimony has a legitimate financial need, and then determines if the other spouse has the ability to satisfy, all or part, of that need. The Court also considers the length of the marriage and what type of alimony is being requested.
Alimony in Florida
In January 2019, President Trump updated the tax laws for all divorces effective after January 1st, 2019. The new law stipulates that alimony recipients will no longer have to report alimony payments as taxable income.
This is great news for alimony recipients, however, not necessary for those who must make alimony payments… Alimony payers are no longer able to report alimony payments, which could be a costly change.
Alimony payments that do not meet the formal tax-law definition of alimony are typically seen as child support payments or payments related to equitable distribution. This could mean that alimony payers aren’t able to claim these payments as personal expenses, but could be tax-free money for the recipient.
How The Law Offices of Travis R. Walker Can Help
If you have questions about a request for alimony, a pending divorce, or questions related to the new alimony tax law, contact the legal team at Travis R. Walker Law today.