New bill may modify Florida's permanent alimony guidelines

May 16, 2013 (Press-News.org) Financial matters are one of the main issues divorcing couples face. After marital property is divided, many individuals depend on alimony payments to help ensure financial stability after a divorce.

FLORIDA COURTS CONSIDER ALIMONY PAYMENTS AFTER PROPERTY DISTRIBUTION
During the divorce process, a court first divides all marital property. According to information from the Florida Bar Association, marital property includes assets and debts that were acquired during the marriage.

Assets are items such as houses, cars or other personal property. Assets also include cash, bank accounts and investments. Debts include mortgages, credit card balances or any outstanding loans.

Florida uses an equitable distribution system of property division. This means that marital property is divided fairly between spouses. It is important to note that fairly does not mean equally. Courts use a variety of factors when determining how to equitably divide a couple's assets, including:

The length of the marriage
Each spouse's financial contributions to the marriage
Each spouse's specific financial needs
Once all marital property is equitably split, courts make an alimony determination. Courts also consider a number of factors when determining spousal support, which may be awarded to either a husband or wife. The amount of alimony depends on each spouse's standard of living, as well as their current income potential.

If one spouse stayed home while the other spouse worked, courts may also award alimony based on a spouse's homemaking or childcare efforts. Additionally, courts may grant alimony to a spouse who wishes to further his or her education to increase earning potential. This alimony is labeled rehabilitative alimony and is temporary.

Permanent alimony may be awarded if a spouse's financial circumstances are not expected to change. Permanent alimony payments continue until the spouse receiving the payments remarries. The death of either spouse also stops permanent alimony payments.

POTENTIAL PERMANENT ALIMONY MODIFICATIONS
The Sun Sentinel reports that a new bill designed to modify current alimony laws was recently sent to the Florida governor by lawmakers. The bill contains a provision that would end permanent alimony. Opponents of the bill argue that this would have a detrimental effect on spouses attempting to achieve financial stability after a divorce.

The bill specifically provides for a permanent limit on alimony payments depending on the length of the marriage and a spouse's current income. The bill classifies marriages as short, medium or long-term, with caps for each.

Marriages less than 10 years are considered short-term marriages and alimony is capped at 25 percent of income. Medium length marriages are between 11 and 21 years, with an alimony limit of 35 percent of income. Marriages over 21 years are long-term marriages and the alimony limit increases to 38 percent of income.

Supporters of the bill say the changes are necessary because current laws are outdated. They claim the laws were written during a period when women typically did not work and therefore needed permanent alimony awards.

Individuals seeking a divorce in the state of Florida with questions about property division or alimony should consult an experienced divorce attorney. A divorce attorney can provide guidance through all aspects of the divorce process and help design a solid financial plan.

Website: http://tampadivorce-attorney.com/