Exploring The Tax Implications of Divorce Settlements in Florida

Dealing with the aftermath of a divorce can feel like a puzzle. One challenging aspect is understanding how your divorce settlement impacts your taxes in Florida. Don't worry—we're here to explain which parts of your divorce settlement come with tax obligations and which do not. Alimony: A Tax-Free Gift Since 2018 Let’s dive into alimony first. The Tax Cuts and Jobs Act (TCJA) of 2017 brought about changes to how alimony payments are taxed. For divorces finalized after December 31, 2017, alimony payments no longer qualify as expenses for the payer or taxable income for the recipient. It's a significant shift from...

15 July

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Smart Retirement Planning After Divorce: Handling Alimony Changes in Florida

Posted by Josh Fowler

in Alimony

Retirement is a phase for relaxation and enjoyment after years of work. However, it may take a different path post-divorce. You may find yourself reassessing and managing your finances as an individual for the first time in a while. Don't fret – whether you're adjusting alimony or reevaluating your retirement savings plan this guide is designed to help you steer through these changes with clarity and confidence. Let's delve into how these changes impact your retirement plans in Florida! Alimony Laws in Florida To begin, let's discuss what alimony means. In Florida alimony refers to the assistance that one spouse may have...

03 June

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Essential 2023 Updates in Florida’s Paternity Law Every Parent Should Know!

Posted by DeWitt Law Firm, P.A.

in Family Law

Florida parents and parents-to-be! Whether you’re sipping a cool drink under the palm trees or hustling through your daily routine, it's important to stay informed about the legal aspects that impact your family dynamics. In 2023, Florida made updates to its paternity laws, which will have a substantial impact on how both mothers and fathers handle paternity-related matters. Let's explore the updates, key modifications, and implications of these changes in law, for you! What’s the Big Deal About Paternity Laws? Paternity laws aren’t just about finding out who the biological father is. They are the foundation for binding legal decisions—from child support...

29 May

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Understanding the Elimination of Permanent Alimony in Florida

Posted by Josh Fowler

in Alimony

As of July 2023, a significant shift occurred in Florida's alimony laws, thanks to Governor Ron DeSantis signing SB 1416. This landmark legislation marks the end of permanent alimony after years of debate and previous vetoes. Let's delve into what this means for couples undergoing divorce proceedings in Florida! What’s the Deal with Alimony Anyway? Alimony is essentially financial support one ex-spouse pays to the other post-divorce. Imagine it as a subscription service where instead of streaming movies, you're ensuring your ex maintains a lifestyle similar to the one during your marriage. This concept has been evolving rapidly, particularly in Florida. The Old...

20 May

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Is It Possible to Obtain a Prenuptial Agreement Without Informing Your Spouse in Florida?

Posted by DeWitt Law Firm, P.A.

in Uncategorized

Imagine this scenario; You're in love and can’t wait to get married to your soulmate in Florida. However, there's a lingering doubt in your mind. "What if things don't go as planned?" You know bringing up a prenuptial agreement with your future spouse may be a difficult conversation. So what about obtaining one up without their knowledge? Is that even possible? Let’s find out! Setting the Stage: Prenups 101 Before we fully explore the realm of prenuptial agreements, let's first get the basics down. A prenuptial agreement, sometimes referred to as a prenup, functions like an insurance plan for your marriage....

23 April

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Does Florida Recognize Common-Law Marriages?

Posted by Josh Fowler

in Family Law

Let's dive into a subject that sparks interest and questions alike: Is common-law marriage acknowledged in Florida? Whether you've experienced the charm of a sunset in Florida or you're intrigued by the state's legal system, it's crucial to learn the details of common-law marriage in Florida. Let's explore this topic! Decoding Common-Law Marriage Let's start by understanding the basics. Picture two individuals who reside together and intertwine their lives, portraying themselves as a couple without going through a traditional wedding ceremony or obtaining a marriage license. While certain states recognize this as a marriage, not all states do. Florida’s Take on Common-Law Marriages So,...