Articles Tagged with alimony

December-31-270x300President Trump signed the Tax Cuts and Jobs Act in December of 2017, overwriting a decades old tax law. The old rules allowed alimony to be tax deductible by the spouse paying. The spouse receiving the alimony payments was required to record them as taxable income. After the new law takes effect on January 1, 2019, alimony paid is no longer be deductible. If you are going through a divorce, you should consider finalizing it before the end of 2018.

How Will this Affect Those Going Through a Divorce?

The new tax law comes into effect on January 1, 2019. When it does, wealthier couples or couples in which one partner earns significantly more than the other will be affected the most. Because alimony will no longer be tax deductible, the spouse paying alimony will see smaller returns. Meanwhile, the spouse who received alimony might see less money coming in. This is mainly because the main incentive to pay more, the tax exemptions, will be removed.

chapter 7 bankruptcy vs chapter 13 bankruptcyFiling for bankruptcy can be a powerful tool for debt consolidation and relief. It can help you get out from under the financial burden weighing you down. If you’re considering filing for bankruptcy, you may be wondering whether you should file Chapter 7 bankruptcy or file Chapter 13 bankruptcy. The right choice depends on your current income, assets, debts, and your future financial goals.

What are the Major Differences Between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy?

Chapter 7 bankruptcy can be a relatively quick way to wipe out general, unsecured debt like medical bills and credit cards, and it requires no repayment. It is designed for people with little to no disposable income available to pay back debt. Although it wipes out most debts, it doesn’t clear particular types of debt such as taxes, student loans, or unpaid child support and alimony. When you file Chapter 7 bankruptcy, your nonexempt property is sold to pay back your creditors. The “means test” will help determine if you’re eligible to file Chapter 7 bankruptcy. If you make more than the median income of your state and have some disposable income to pay off debt you may be forced to file Chapter 13 instead.

a man circling the word facts over mythsThere are plenty of divorce-related myths circulating out there. Sometimes, it can be hard to know what to believe. The Jacksonville divorce attorneys at Parker & DuFresne want to help you separate the facts from the fiction. Here are some of the most common myths about divorce in the state of Florida.

1. The divorce rate is rising faster than ever.

It’s no longer true that the divorce rate in the United States in on the rise. In fact, divorce has been steadily declining since the 1980s, especially among college educated couples. Approximately 70% of marriages that began in the 1990s reached their 15th anniversary.