Changes might be coming regarding alimony payments in Florida, if proposed bills pass both the House and Senate. The proposed changes, however, faced opposition last year and did not pass, due to an equal parenting time clause. The House might be voting first on the updated bill and it would then go to the Senate.
Florida residents who are going through the divorce process should be aware of some costly mistakes that are often made before a divorce is finalized. It is important to anticipate the tax liabilities that may be incurred when a portion of a retirement plan is transferred pursuant to a qualified domestic relations order. Any time the former spouse takes a portion of his or her benefit in cash, there is the potential for an early distribution penalty as well as income tax liability.
According to one study conducted by researchers from Bowling Green State University, divorces among older individuals age 55-64, doubled between the 22 year period from 1990-2012. For those aged 65 and older, divorces tripled.