How are assets divided in divorce in Florida?
Florida operates under the laws of \u201cequitable distribution,\u201d which essentially means property acquired during the marriage belongs to the spouse who earned it, and during a divorce all assets and liabilities are to be divided between the spouses in a fair and equitable manner.
Do I have to pay taxes on alimony in 2020?
For recently divorced Americans, alimony payments are no longer tax-deductible for the payer, and they aren’t considered taxable income for the person receiving them, ending a decades-long practice. The changes affect divorce agreements signed after Dec. 31, 2018.
Is divorce settlement considered income?
If the cash settlement you received from your husband was for equalization of matrimonial property, then it is not considered taxable or tax deductible. A Certified Divorce Financial Analyst (such as myself) will ensure that what you settle for makes sense from a financial perspective.