Couples in Florida who have made the choice to get divorced will now be moving into new territory as the Tax Cut and Jobs Act takes full effect after New Year's Day. One of the biggest changes for divorcing spouses will be the elimination of a tax deduction for the person who might be paying alimony. Similarly, the person who would receive alimony will no longer claim that money as income and therefore not have to pay tax on it.
Florida has long been known as a state that is popular for retirees. The lovely and warm weather all year long understandably brings a lot of people in their 60s or older to the area. Many people in their 50s who may not be retired yet but who are planning to retire in the coming decade or so may also find Florida a good place to relocate to. It seems, however, that many of the people in this age group may also be facing another major life change: divorce.
Many residents in Florida love their pets dearly so it comes as no surprise that when couples get divorced, there can be quite a bit of discord over which spouse will keep the family pet or pets. The New York Times reported that in a 2014 survey of the American Academy of Matrimonial Lawyers, respondents indicated they had seen a jump by as much as 27 percent in the number of divorce cases involving pet custody since 2009.
If you and your spouse have decided to end your marriage in Florida, you may well be concerned about your financial health. In fact, many couples who get divorced find themselves under serious financial stress and this stress may even have contributed to the failures of the marriages. Depending on the severity of your money problems, you might want to think about filing for bankruptcy. But, before you do anything you should carefully evaluate the timing and how a bankruptcy might impact your divorce.
Florida couples who are getting divorced often find themselves trying to figure out what to do with their family homes. A house may well be a couple's single most valuable asset but it may also be connected to a mortgage that may be their single biggest debt. In addition, people attach a lot of emotions to their homes, especially if they have children that they raised in the home or who still live there. This can lead a lot of people to rush into trying to keep their house when they get divorced but this may not always be the best idea.
For many couples, the ability to own a business together is a dream come true and many make this work very well. Married couples certainly should know each other's strengths and weaknesses and how to communicate with each other and these things may well contribute to the succesful running of a business. However, when the marriage sours, deciding what then will happen to the business can be tough. If you are in this situation, you will understand this all too well.
Once the decision to get divorced has been made, some couples in Florida almost seem to rush into getting things taken care of while others may drag their feet before even being willing to consider filing an initial petition for dissolution. There is certainly no right or wrong to either approach per se but this year if one or both partners in a marriage believes that the heretofore standard system of how taxes and alimony are handled is right for them, waiting could end up being rather costly.
If you and your spouse are struggling with serious financial problems and also planning to get divorced, you are not alone. Many couples in Florida find themselves facing these issues as money can be a common issue in many marital challenges. If your debt or lack of sufficient finances to support your life is severe enough, you might even be contemplating filing for bankruptcy but that may logically lead you to wonder if you should do that before or after you get divorced.
If you and your spouse in Florida have come to the realization that you should no longer remain married, you will have to work through the often challenging process of splitting up your assets. However, you may also have to figure out how to split your debts. While many people automatically assume that any debt in one person's name only would remain that spouse's responsibility, that may not always be the case.
If you live in Florida and are heading into a marital divorce, you may well feel the emotional tug to work hard to keep your family home. This may be especially true if you have small children who still live at home as you may understandably be wanting to retain as much consistency for them as possible. While this is certainly a viable goal, you might do well to step back from the emotional side of things and look at the legal and financial sides of things.