Impute A Reasonable Rate Of Return On Your Investments
Hopefully, you and your spouse have done a good job-saving money through the years. Of course, if the savings are marital money then your spouse will stand to receive half of the savings. And while you may wince at first, hear me out: Your savings can reduce the alimony you pay on a monthly basis.
Now, your spouse wont be required to live off savings when you divorce. But, if your savings are earning money then you can ask the court to consider the average returns as income to the Wife.
And remember, the more your spouse contributes to her own need the less youll need to contribute.
Heres how this works: Assume you and your Wife have 500K in stocks and investments to distribute after the divorce. Simple math says your Wife will receive 250K.
This money isnt tied up in a 401K. Its readily available to invest in right now.
So for purposes of alimony payments, your Wife should be earning income on that 250K that is above and beyond her current nest egg. Lets assume a reasonable rate of return of 5%.
.05 = $12,500 a year. Thats more than $1000.00 a month that your Wife has to support her need. And thats $1000.00 less a month that youll need to pay in alimony all things being equal.
Calculating Income For Alimony In Florida
The income that you use in your calculation factors will help determine the correct amount of alimony that you may owe or receive. In order to get an accurate Florida alimony calculation, you must factor in all sources of income, including:
- Employment income
- Dividends and interest
There is no specific formula that will get you a 100% accurate alimony calculation. For best results, hire a family attorney to help you determine the most appropriate amount.
Can A Working Wife Get Alimony
Every situation is different, but if you work and your income is significantly lower than your spouses, and you demonstrate financial need, you may be able to get alimony, at least for a period of time.
You may be subject to a vocational evaluation to determine if your future earning potential can increase.
If your income is currently low enough that you qualify for alimony, you may receive it for a short period until you are able to secure higher-paying employment.
Read Also: Incorrect Information On Divorce Papers
How The Length Of Your Marriage Affects Alimony
As you might imagine, one factor that also weighs heavily in an alimony calculation is the length of a marriage. This makes sense for a number of reasons. One spouse is more likely to be financially dependent on the other when their lives have been entwined for decades. A couple in a long-term marriage may have had an agreement, either express or implied, that one would pursue a career while the other took care of the home and family. The longer one spouse has been out of the workforce in such an arrangement, the harder it is going to be for them to get a job that will allow them to be self-supporting. And, of course, the longer a marriage, the older the spouses are likely to be. A dependent spouse may be too old or too frail to get a job that would allow for self-support.
There are no hard-and-fast rules about how long you have to be married in Florida in order to receive spousal support, but there are some general presumptions.
If you have been married less than seven years, there is a presumption against an alimony award, at least an award of permanent periodic alimony. If you have been married over seventeen years, there is a presumption in favor of it. What exactly does this mean? It means that the court is likely to rule in favor of the person with the presumption on their side. Presumptions regarding alimony are rebuttable, however, meaning that they can be overcome with evidence.
What Qualifies You For Alimony In Florida
What qualifies a recipient spouse for alimony in Florida are several factors, among them:
- The standard of living established during the marriage
- The length of the marriage
- Both spouses financial resources, including the non-marital, marital property, assets, and liabilities
- Each spouses earning capacity, educational level, vocational skills, and employability and, if applicable, the time necessary for either party to acquire sufficient education or training to find employment
- Both spouses contributions to the marriage, including homemaking, childcare, education, and career-building of the other spouse
- Whether either spouse will have parental responsibilities to minor children
- Tax consequences of alimony, if any, to both spouses
- All sources of income to both spouses, including income available through investments
- Any other factor the court deems necessary to create a fair alimony award
There is no formula for judges to use when deciding how much and what type of alimony is appropriate. In addition to the above factors, the court must also ensure that the paying spouses net income is no less than the supported spouse Judges have broad discretion when deciding the type , duration, and amount of alimony appropriate for your case.
You May Like: How Long Does Alimony Last In Florida
How Long Will You Get Spousal Support For
Spousal support agreements or orders usually only last for a certain time. This time is usually based on how long you and your spouse were together.
Often, spousal support will last for between six months and one year for every year you were married or lived together. But if you were married for a long time and youre older when you separate, spousal support might not have an end date. The end date would be decided later, maybe after you retire.
For example, if you were married or lived together for 15 years, you might get spousal support for 7½ to 15 years.
A Qualified Florida Family Lawyer Can Help
If you think your alimony case may turn out to be an issue in your Florida divorce case, consulting an experienced Florida Family Lawyer is crucial. The attorney may help present your family law case and demonstrate that there is the ability to pay alimony in your situation.
Conversely, if your spouse requests alimony, your attorney will present some of the statutory factors that are available to you. These factors may lead lower alimony or no alimony for your case.
Get Accurate Calculation Of Alimony Using Our Free Alimony Calculator
Our alimony calculator takes into consideration all the factors that Florida State Laws deem necessary when calculating spousal support. Therefore, you can be sure that our free alimony calculator will give you the accurate amount that you will need to pay as alimony. Get in touch with us today or visit our website to use our free alimony calculator
Don’t Miss: Divorce Lawyers In Orlando Fl
The Different Types Of Alimony In Florida
Posted by | Sep 08, 2021 | 0 Comments
In Florida, alimony is awarded based on two factors: one spouse’s need for it following a divorce, and the other’s ability to give it. If two divorcing spouses are both rich, there is no need for alimony, even though they both have the ability to give it. If two divorcing spouses are both poor, there is no ability for one spouse to give the other alimony, even though they both need it. When one spouse needs financial support and the other is capable of providing it, alimony is awarded.
Unlike child support, alimony is not determined by a set formula in Florida. Instead, the amount of support is determined by a number of factors – as well as the type of support. If you are curious about alimony, read on for the many different types available in Florida! Click on the titles of any of the different types to read more.
Temporary Alimony is awarded while a divorce is ongoing to ensure that both spouses have their basic needs met. It can be established as soon as a couple files for divorce, and it lasts until the final divorce support order has been completed by a Judge. It helps spouses figure things out in the immediate aftermath of filing for divorce.
How Do You Know If You Are Entitled To Alimony In California
You may have heard of alimony or spousal support, but it can be difficult to understand exactly when you might be able to claim alimony. In California, alimony almost always involves court proceedings, and it is usually only available if you are going through a divorce or legal separation. Our Ventura alimony attorneys at the Law Offices of Bamieh and De Smeth explain when you can claim alimony in California and how to know if you are entitled to alimony.
Read Also: Cost To File For Divorce In Indiana
How Does Spousal Support Work
Spousal maintenance is usually paid on a regular, normally monthly, basis or it can be capitalised so it is paid as a single lump sum. This lump sum approach leads to each spouse becoming financially independent of the other and unable to make future financial applications against each other. This is known as a clean break.
One advantage of a clean break is that it brings certainty to both parties knowing that no further applications can be made. One disadvantage is that the lump sum award cannot be increased at a later date if, for example, the recipient fell ill and could no longer work. Therefore, it is essential that you seek specialist legal advice from a family lawyer whilst considering your options so that you secure what is best for you.
Recommended Reading: King County Wa Divorce Records
Show Your Spouses Earning Potential For An Alimony Case
Weve discussed that the more your Spouse makes the less youll have to contribute to her need.
But what if she is not working at all. What is she is just hanging out playing on facebook. What if she hasnt worked in years.
You can still argue to the Judge that your Wife should be working and that the Judge should impute a certain income number to your wife.
Even though she is not working she could and should be. The Judge can account for this in his ruling.
To do this in Florida youll want to hire a vocational evaluator expert.
A vocational evaluator is an expert witness.
The vocational evaluator will interview your spouse. Review your spouses medical records. And make a determination as to whether you spouse is able to work.
Then, the evaluator will do market research on the labor market nearby. The evaluator will act almost as a job-finder for your spouse.
All of this information can be then presented to the Judge to empower the Judge to impute a reasonable wage.
Of course, you can move forward and present this to the Judge without an expert. But with so much on the line it is almost always advisable to lean on an expert to aid your case.
Recommended Reading: Copy Of Divorce Decree Wayne County Michigan
What Are The Different Types Of Alimony In Florida
Permanent: Permanent alimony is alimony for support until the remarriage of the payee spouse or the death of either party. Permanent alimony is always modifiable with a showing of a substantial change in circumstances.
Rehabilitative: Rehabilitative alimony is intended to provide assistance to a spouse while he or she regains the ability or establishes the capacity for self support. The party seeking rehabilitative alimony for retraining has the burden of proof as to the retraining plan, the object of rehabilitation, the cost of the plan, the period necessary to complete the plan, and how the plan is workable to make the party self supporting.
Bridge-the-Gap: Bridge-the-Gap alimony is an award for a specific short duration to assist the spouse with the transition from married life to single life and is designed to assist a party with legitimate identifiable short-term needs. The length of the award may not exceed 2 years. The award of this type of alimony is non-modifiable.
Lump-Sum: Lump-Sum alimony is a certain sum paid at one time or installments and the court will order this type of alimony only when an award of permanent alimony is justified and the court finds special circumstances warranting a lump-sum payment such as if the paying spouse is in poor health.
Alimony may be taxable to the payee spouse and deductible by the paying spouse. Retroactive alimony may be awarded back to the date of filing the Petition for Dissolution of Marriage.
Reaching A Fair Alimony Settlement Under Florida Divorce Law
Unlike child support, there are no hard and fast mathematical calculations or formulas for alimony or spousal support. At Anne E. Raduns, P.A., we have represented the best interests of both husbands and wives in this challenging and sometimes contentious area ofdivorce law. In some cases, there is a presumption for alimony, and in some cases, there is a presumption against alimony. Most situations, however, fall into a gray area in which judges can use their own discretion when deciding whether to order alimony and how much to award.
Whether you are seeking alimony, want to avoid paying, or simply want to ensure a fair spousal support agreement, we can help. Call us at to schedule a consultation with anexperienced divorce lawyer. We represent clients in Ocala, The Villages and throughout Central Florida.
Don’t Miss: How To Qualify For Alimony
What Are The Different Types Of Spousal Support In Florida
According to Florida divorce law, there are five situations where spousal support may be awarded. Importantly, a judge may award any combination of these spousal support payments. Furthermore, a judge may order that spousal support be paid periodically or in one lump sum.
The five situations are:
Alimony And Florida Taxes
In 2018, it was established that alimony is not tax-deductible to the spouse that makes alimony payments they are responsible for the income taxes. The spouse receiving the payments will not have to pay taxes on the alimony received.
Parties are not allowed to file joint tax returns for the year they are claiming the alimony to be tax-deductible, and the parties must reside at separate addresses.
Read Also: Fulton County Ga Divorce Records
Speak To Us About Spousal Support Following Divorce
In order to calculate the amount of spousal maintenance you may be entitled to claim, one of our family lawyers would need to understand your full circumstances.
To take advantage of your free 30-minute consultation with our expert spousal maintenance lawyers, call , or complete our quick online form.
I used Kate Butler to act for me in my divorce. I received a very professional service with excellent advice
Length Of Your Marriage And Alimony
The most important factor for alimony is how long you were married. As the length of the marriage increases, alimony is more likely. But all of the other factors must also support an alimony judgment. The time is counted from your marriage date until the date of the divorce petition.
|The probability you will pay or receive alimony by number of years married|
Alimony in Florida is one of the more unpredictable areas of family law. Unlike child support, there is not a guarantee of alimony, nor a set amount if alimony is granted by the court. You can have the same set of facts and get 10 different decisions in 10 different courts. Some states have alimony guidelines but not Florida. Florida alimony statutes require the judge to consider a list of factors when deciding the issue of alimony. Each factor is shown above. Unlike other states, Florida does not embrace the concept of legal separation. That means alimony is rarely, if ever, granted unless a couple is going through the divorce process.
Read Also: Can You Get Alimony After Divorce
Will My Divorce Settlement Include Alimony Payments
In Florida, alimony or spousal support is determined by the needs of one spouse, as well as the other spouses earning capacity and ability to pay.
There are multiple factors that a court will consider in determining a proper alimony or maintenance award, including:
- The standard of living established during the marriage
- The duration of the marriage
- The age and the physical and emotional condition of each party
- The financial resources of each party, the nonmarital and the marital assets and liabilities distributed to each
- The time needed for either party to acquire education or training for appropriate employment
- The contribution of each party to the marriage, including services rendered in homemaking, child care, education and career building of the other party
- All sources of income available to either party
Is The Change Fair
Some people are against this change, as it could potentially leave someone who was relying on those payments in a difficult financial situation. Some individuals require alimony payments to maintain their lifestyle and thrive. In these instances, removing the option to obtain permanent alimony can drastically impact their life.
However, others argue that it is unfair to ask one person to make payments indefinitely, especially if the couple has been divorced for many years. This bill aims to create a more fair system, where both parties are able to move on with their lives after divorce without being tied to one another financially.
Don’t Miss: Do It Yourself Divorce Kit