Depending on the complexity of a case, filing for divorce can be a drawn out process, particularly if the parties involved do not agree on matters including property division, child custody and alimony payments. In the event that a party cannot support themselves financially over the course of the divorce proceeding itself - which can take up to a year or more in contested cases - he or she may request a temporary alimony award. Not to be... [...]
Previously, this blog reviewed the specific definition of alimony employed by the International Revenue Services. In order to qualify for tax deductions on the behalf of the provider, and to be considered taxable income for the recipient, an alimony award must adhere to the federal government's definition of the term.
In addition, it is important to be familiar with the specific forms of spousal support that are not treated as alimony by the... [...]
As the tax consequences of an alimony award will affect the overall financial standing of both the paying spouse and the recipient, the court will take this factor into account when ruling on spousal support - should that maintenance be deemed appropriate after a marriage.
In order for an award to be tax-deductible for the payer and subject to income tax for the recipient, it must be recognized as alimony by the federal and state... [...]
Among the many factors that a court reviews to establish an alimony award, Florida law states that a judge will review the tax-related consequences for both parties as they will affect the financial standing of each.
In general, the party who provides the alimony award will be able to deduct that amount from his or her taxable income. The recipient, meanwhile, is legally required to report the support as taxable revenue. They will then have... [...]
When determining whether an alimony isappropriate and, if so, the exact form it should take in terms of amount and duration, the court has one primary goal : to ensure that both parties in a marriage will be able to support themselves after their union is dissolved. As such, every determining factor that this blog has referenced, including individually held assets and education level, is reviewed as a means to gauge how well each party will... [...]
