Multiple financial issues arise when you are going through a divorce. Understanding alimony is quite complicated.
How Does Alimony Work?
The first thing to know is that not all divorces result in a spouse having to pay the other spouse alimony. There are some situations where you can avoid alimony altogether. In other cases, it may be possible to get alimony payments reduced.
Working with a lawyer to ensure legal compliance and determine the best approach is essential. The ability to pay, the length of the marriage, and lifestyle during the marriage are the most important considerations.
Seek to Avoid Alimony
When trying to figure out how to avoid paying alimony, one of the first strategies is to have a prenuptial agreement developed and finalized before getting married. A prenup before marriage can nullify the requirement for alimony. In addition, if you are currently engaged, getting a prenup before you get married can be an excellent solution to financial concerns in the event of a divorce.
A prenuptial agreement will include each person’s income and assets and which property belongs to whom. An attorney is skilled at ensuring that the document is legally sound and has the appropriate information.
A postnuptial agreement is possible after your wedding day if you did not get a prenup.
Consider Existing Relationships
If prenuptial or postnuptial agreements do not apply to your situation, another option that could be possible when you are wondering how to avoid paying a divorce settlement is to consider existing relationships.
Florida has laws where alimony could be reduced or even eliminated if the ex-partner is in a supportive relationship. This would then factor into whether alimony should be awarded at all or in a reduced capacity.
If you are going through a divorce and your ex-partner has someone supporting them financially, seek a lawyer to discuss the next steps.
Personal finances are a major factor when considering how to avoid paying alimony in Florida. This would apply to both you and your ex-partner. Judges will review these thoroughly when determining their judgment.
Here are financial factors that are typically taken into account when determining if alimony should be given to an ex after a divorce:
- Liquid assets – including how much money is in the checking and savings accounts of each spouse
- Debts or liabilities – for any accounts that need to be paid, such as credit card bills or personal loans
- Income levels – including the current income of each spouse, with a comparison to their expected living expenses
- Property – the division between each spouse for any property, as well as expected living conditions
- Expected future financial independence – indicating the time for the ex-spouse to obtain education and training to gain employment to become financially independent
- Child support – payments to an ex-spouse that is the custodial parent
The judge will consider any relevant financial factors for your situation. However, liquid assets are of primary importance when you are wondering how to avoid alimony while following all legal areas of divorce law.
Alimony payments can be reduced or eliminated if the ex-partner already has a significant amount of money passed down or saved. Alimony is intended to be based only on what is necessitated.
If you are concerned about how to avoid paying taxes on alimony, talk to an accountant. Tax laws are complicated and can change often. There may be a beneficial option if you have to pay alimony, such as sending the funds in a lump sum instead of paying over time.
Earn Only What You Require
Does alimony change when income changes?
Yes, it definitely can.
Generally speaking, the courts will award alimony to the ex-partner that makes less money. However, some people take second jobs or work overtime to make more money, even if they do not need it. This additional income will be considered when the judge determines the alimony payments.
With the way Florida calculates alimony payments, making less money can save you money over the long term. Quitting that part-time job or declining overtime hours could be in your best interest.
When to Consult with a Lawyer
If you are trying to determine how to avoid paying alimony, you must consult with an alimony lawyer to ensure you stay within the confines of the law.
If you are wondering what disqualifies you from alimony, these are only some of the situations where alimony can not be awarded.
Divorce law in Florida is complex, and a lawyer can help to uncover additional situations where alimony may not be necessary. This can include matters of custody. If children are involved, whoever has custody matters regarding decisions around alimony?
Working with an attorney is the best way to avoid paying alimony and can save a lot of money in the long term.
Dean Tsourakis has over a decade of experience as a practicing Family Law attorney. He has successfully navigated countless clients through the complexities of divorce proceedings and works diligently for his clients to get a fair outcome.
The financial effects of a divorce can last for a long time. This is why it is necessary to consult with expert legal counsel when high alimony payments are possible.
Contact the law office of Dean Tsourakis today to schedule a free consultation.
Call 727-785-2700 today.on Mar 13, 2023