Many people file for bankruptcy when they find themselves in over their heads when it comes to debt. While the process can help discharge a great many debts, including credit card debt and medical payments, things like alimony or child support are not usually able to be discharged. The Balance explains how these debts are treated when a person files for bankruptcy.
Along with its emotional effects, divorce also has a variety of financial implications. Whether you've experienced a reduction of assets or have been ordered to pay alimony or child support, it's crucial that you keep your finances in check while you adjust to this new financial situation. These budgeting tips from CNBC can help you do just that.
A typical part of many divorces in Florida is an order of alimony. Alimony is spousal support payments that one spouse pays to the other after the marriage to help him or her afford living expenses. The details of alimony vary on a case-by-case basis. Regardless, it is important to understand how to handle your alimony in regards to taxes.
If you are divorcing in Florida, there will be many things you have to decide. The court also has important decisions to make regarding the end of your marriage and where you go from here. A large part of all the decisions deals with finances. You have to untangles years' worth of purchases, income, savings and other financial holdings. The court also needs to consider how you both will move forward financially. This is where alimony may come in.
When Florida couples divorce, it is often after months or years of trying to repair the relationship. In many cases, one spouse pays money to the other after the settlement. If you are considering divorce, it is worth noting that the court can use its discretion when determining how much and length of the payments. At The Minaya Law Offices, PLLC, we often represent clients who wish for some form of spousal support after the divorce.
Alimony and spousal maintenance may be only meant to serve as a temporary form of financial assistance to help a former spouse get back on their feet financially. Thus, one who is obliged to pay such support may feel frustrated is they feel as though their ex-spouse no longer needs it. A drastic change in one's financial circumstances may also make it difficult for one to meet an alimony obligation. This may prompt a petition to either modify or end such an obligation. It may without saying that such action may be met with contention.
For divorcing couples in Florida, financial issues are usually tough to navigate. That’s why the financial analysis is so important. Sometimes referred to as a financial affidavit, this document is provided to your legal team to determine things like division of assets and whether alimony is warranted for either spouse. Forbes explains how a lifestyle analysis works and why it’s so important.
If your soon-to-be ex-spouse was the primary financial provider in your household in Davie, then you may have reasonable concerns about your ability to support yourself now that you are separated. If the court determines that your current financial situation (as well as the sacrifices you may have made to help further your ex-spouse's career) warrant it, then you may be awarded alimony once your divorce is final. Yet how about affording everything happening to you in the here and now?
If you are getting a divorce in Florida, there are many things likely on your mind. One of them may be whether you will get alimony or not. You may not know if it is awarded in every case or if it is possible you will not have alimony in your case. Whether you are receiving or paying spousal support, it is a good idea to know how likely it is to be awarded in your situation.
Part of many divorces in Florida is the awarding of alimony. Alimony is seen by the court as one party providing financial support to the other party. The court awards it for many reasons. Often, it is to help a spouse who did not work during the marriage or who is at a disadvantage when it comes to earning potential. It largely depends on the length of the marriage as well. Regardless of whether you receive or pay spousal support, you may wonder just how long it will last.