Alimony, also known as spousal support, can be one of the most contentious points in a divorce settlement. Knowing what you are entitled to and how much your support payments will be is an important first step toward moving on from the divorce and starting a new life. In this blog, we will cover what you need to know about Florida alimony.
Are you entitled to alimony?
Although it may feel punitive to the payer, alimony is not established to punish anyone for the dissolution of the marriage. Alimony exists to help ensure that both spouses and their children can continue with a comparable quality of life.
Alimony is typically awarded in cases where one parent stayed home to raise the kids while the other parent worked to support the family. If, however, both parents worked and brought in relatively equal amounts of money, it would be less likely for one of them to be awarded alimony.
How is alimony calculated?
In Florida, there is no specific formula to calculate alimony, but there are some general guidelines. The court looks at whether one party has a need and whether the other party has the ability to pay enough to satisfy all or part of the need. In short, the decision of alimony is left largely to the court’s discretion.
The American Academy of Matrimonial Lawyers created a guideline to determine alimony payments. They suggest this equation:
30% of Payor’s Gross Annual Income
-20% of Payee’s Gross Annual Income
Estimated Annual Alimony
To figure out how much that would be per month, take the Estimated Annual Alimony and divide it by twelve.
An Important Change to Alimony
As of January 1, 2019, alimony will no longer be tax-deductible to the payer. Also, alimony will not be counted as taxable income for the recipient. Be aware, these new tax laws are valid for any divorces finalized after January 1, 2019. This law is not retroactive and will not impact any current alimony payments.
We can help!
If you have questions about Florida alimony, Aguilera Law Center can help. Our experts can answer any questions you might have and help you pursue alimony if you are entitled to but not already receiving it. To ask us questions and find out how we can help, give us a call today at 305-255-FIRM or contact us online.