Alimony Modifications in Florida and New Tax Laws
Alimony tax laws changed in 2019 with both the payor and the recipient of alimony being affected. Alimony is generally reported as taxable income to the person who receives alimony and the payor of alimony will get a tax deduction. Through negotiations, divorcing couples have had some flexibility as to how taxation could be settled. As with all tax related matters in a Florida Divorce, our attorneys can provide the sound legal counsel you deserve. Whether you’re concerned about retirement funds, child support or alimony tax laws we’ll look to your safe and secure financial future. Please read the following information if you are contemplating divorce or, if you believe a divorce is in your immediate future. If you’re wondering how taxes should be approached in your divorce settlement , feel free to consult with Tampa divorce attorney Nilo J Sanchez.
Florida Alimony Modifications and New Alimony Tax Laws
If you are paying or receiving alimony and you believe that you meet the qualifications under Florida Law regarding the modification of alimony, attorney Sanchez can discuss with you how the new alimony tax laws may affect a modification. To qualify for an alimony modification, you must show that there has been a substantial change in circumstances that were unforeseen at the time that alimony was awarded by the courts. Florida law is clear that any change must be involuntary, permanent and material in nature. The best way to find out if you qualify for a modification of alimony is to consult with Tampa divorce and alimony attorney Nilo J Sanchez. Attorney Sanchez has decades of experience representing clients in divorce and post judgement modifications in Hillsborough, Pasco and Pinellas County, FL. If a judge presents factual findings and approves your request to modify your alimony in 2018, the current rules and taxation methods where the payor takes the deduction, will apply.
Consult with Divorce & Alimony Attorney Nilo J Sanchez & Associates, Tampa Bay
If you have questions or would like to schedule a consultation with Nilo J Sanchez & Associates, please call 813-879-4600 or use the form below. Attorney Sanchez is happy to provide answers and solutions to your family law matters. If you’re looking for a top-rated divorce and alimony attorney in Brandon, Lutz, Carrollwood or in Dade City or Clearwater, please note that our firm represents clients in multiple jurisdictions in Tampa Bay including Pasco, Pinellas and Hillsborough County, Florida.