Alimony is an allowance from one party's estate for the support of the other party when spouses are living apart. It may be granted in cases of divorce, voluntary separation or abandonment.
Alimony can be awarded to either spouse based on the needs of the spouse and the ability of the other spouse to pay. It can be paid from the earnings, marital property or separate property of the payor spouse.
There is no set method of calculating the amount of alimony. The fact finder has a wide latitude in evaluating the evidence and determining the amount of temporary or permanent alimony, if any.
How does the Trump Tax Plan Affect Alimony?
Traditionally, alimony is treated as income to the person being paid and is tax deductable for the person paying it. The Tax Cuts and Jobs Act of 2017 changes how alimony is treated by the IRS. If you get divorced after December 31, 2018 then alimony will not be a taxable event. That means that alimony does not need to be reported as income by the recipient nor is it deductable by the payer. This changes everything about how we can negotiate a settlement in your divorce. It will not be quite as important when splitting up property to label the payment "property division" or "alimony."
The key is this... If you are the sole or primary bread-winner in a long term marriage and you are thinking about getting a divorce then you should consider filing for divorce ASAP so that it can be final before the end of 2018.
WE CAN HELP YOU! Contact our Lawrenceville law office at 770-604-1380.
The following factors must be considered in determining the amount of alimony, if any, to be awarded:
(1) The standard of living established during the marriage;
(2) The duration of the marriage;
(3) The age and the physical and emotional condition of both parties;
(4) The financial resources of each party;
(5) Where applicable, the time necessary for either party to acquire sufficient education or training to enable him or her to find appropriate employment;
(6) The contribution of each party to the marriage, including, but not limited to, services rendered in homemaking, child care, education and career building of the other party;
(7) The condition of the parties, including the separate estate, earning capacity and fixed liabilities of the parties; and,
(8) Such other relevant factors as the court deems equitable and proper.
The needs of a spouse and the other spouse's ability to pay are the controlling factors in making an award of permanent alimony.
From our office in Lawrenceville, our lawyers represent clients in communities throughout Gwinnett County and Walton County, Georgia. Call us at 770-604-1380 or contact us by email to arrange a consultation with one of our experienced Lawrenceville alimony attorneys today.