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Where Does Alimony Money Come From?
How Does Florida Calculate Alimony?
Divorce is defined as a legal action to end a marriage. This means that two people are no longer considered united as one. In Florida, the marriage has to be seven years or more to receive a decent amount of spousal support. Florida now considers a marriage of four years to be able to earn a living together and the amount of alimony at this stage will not be impossible but it will be highly unlikely. When it comes to divorce in Florida, neither spouse is at fault; however, fault can play a significant role in determining spousal support.
A person may wonder where does alimony money come from? The answer is simple. In the state of Florida, the gross income of the payor is calculated at 30%, while the payee’s gross income is calculated at 20%. Child support takes precedence over spousal support. A payor will be approximately 40% of his or her gross income and the other spouse will include their gross income based less than 50%.
Spouses Must Sign a Written Agreement
Alimony can be waived if the supporting spouse doesn’t agree to it or declines it; however, both spouses must sign a written agreement stating that the other is waiving the right to alimony. If the spouses do agree on an alimony amount a court document will be made available to the court and a judge will enter it in the court order. As of January 1, 2019, Flordia no longer allows divorced couples to deduct alimony on their tax returns. The payee isn’t allowed to claim alimony as an annual income.
Assets and Liabilities
During divorce proceedings, assets and liabilities will also play a major role in the decision for alimony. Depending on who makes the most annual gross income that person will be the one chosen to make alimony payments to the other spouse. Both parties involved must agree to the terms of the divorce before a judge can make a ruling and enter a court order.
There are various types of alimony in Florida. An attorney will weigh all the options available during the divorce proceedings. Any spousal support will be made monthly or semi-monthly. Either spouse can decide to pay a lump-sum at once or hand over a personal property as part of the settlement. Spousal payments will be made directly from the Florida State Disbursement Unit to prevent any contact between the spouses about the payments.