There is a particular set of rules that courts use to make sure that alimony is fair for everyone. Through all of the heartbreak and tough decisions that are made, there could very well be a lengthy legal battle over certain financial assets. Out of all of the trauma that a divorce can bring, the last thing you should be worried about is ending up homeless. Whether you are concerned about losing a source of income or having to contribute a significant amount in support contributions, the courts are there to make sure that the process is fair for everyone. That’s where alimony can come in to benefit the partner in the relationship that has less money, while at the same time providing certain legal protections for the individual paying the alimony. This article will explore the difference between alimony and child support, how alimony affects your taxes, and how alimony is determined.
What’s the Difference Between Alimony and Child Support?
Some people may get the legal terms alimony and child support mixed up. You should know that they are two very different legal rulings and they have a different type of impact on your life. Perhaps the most significant difference between alimony and child support is that with alimony you don’t have to have a child to receive financial assistance. Alimony is designed to protect individuals who earn less than their former spouse. The person in the relationship who makes more typically pays the alimony to the person who makes less. Another difference is with how taxes are filed, which will be discussed further in the next section.
How Does Alimony Affect my Taxes?
The individual that pays the alimony money may be able to report the payment as a write off on their taxes. Also, the individual that receives the alimony payments has to mark it as a source of income on their taxes, which means that it will most likely be taxed just like other sources of income. Every state’s rules are different, and circumstances could also be changed due to someone’s unique situation. To see how alimony can affect your taxes, it is best to contact a lawyer and have them help with your case.
How is Alimony Determined?
The rules for how alimony is determined vary from state to state but generally follow a similar pattern. Factors such as how old individuals are, certain medical conditions and mental health are taken into consideration. Another critical factor is the standard of living during the marriage. Often the courts want the individual receiving alimony to have the same quality of life that they were enjoying during the marriage. This applies to both individuals, meaning that the court wouldn’t want to require an alimony payment so large that it negatively changes the quality of living for the individual paying the alimony. There are many other factors that the courts use to determine an alimony, here’s a full list of factors that the Florida Legislature has provided.
Finding the right divorce lawyer in Palm Harbor and surrounding areas may seem like a tedious task. The Law Office of Paul H. Bowen, P.A. in Palm Harbor, Florida brings over 30 years of experience when handling your case. Call today to find out how we can help guide you through the entire divorce process.