Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Are you considering a divorce?

Do you have children? Are you seeking child support?

Will you also be asking for alimony?

Alimony and Child Support

Learn More About Divorces From a Financial Perspective

Thinking about the financial perspective of a divorce can be unsettling. Knowing the changes it can bring can make you feel uncomfortable.

Understanding key terms like “alimony” and “child support”, in regards to cash flow and taxes, is key. However, remember they are two terms that can’t be any more different.

Alimony

Alimony doesn’t have a formula to calculate it, in Florida.

Alimony calculations are left up to the Court’s discretion. There are rules the Court has to follow – Florida Stature 61.08. These rules can have a broad interpretation.

Alimony may be rehabilitative or permanent, and granted to either party as a lump sum, payments or both.

Check your state’s statutes for all the relevant facts available about alimony.

Child Support

On the other hand, the amount of child support is determined from standard calculations using the following variables:

  • Mother’s Income
  • Father’s Income
  • Number of overnights that the child has with each parent
  • Daycare and insurance costs

Child support is paid, in most cases, until the child is emancipated. Usually it’s when the child turns 18, or graduates from high school before the age of 19.

Working Through a Divorce from a Financial Perspective

We know a divorce can be difficult. Divorces affect over 50% of couples in the United States. It can be financially overwhelming unless you have properly planned. Then you can get through it and move forward.

Like many situations in life, having knowledge is power. That’s why our goal is to provide you with guidance, based on our experience, that assists you as you go through the financial process in a divorce.Divorce

We understand how beneficial a guide is, and offer our free eBook to you entitled:

“Divorce. What you Need to Think About from a Financial Perspective”.

You will find this eBook to be a valuable resource.

The tips and tools in this eBook can help lessen your stress, by increasing your knowledge.

Learn more about:

  • The checklist of documents, you will need.
  • Tips on how to value and divide assets and debts.
  • Tips on how to prepare your tax filing.

Work With a Professional

When you work with the team at Makara & Associates, you are working with true professionals that are ready to answer your questions and guide you through each process.

Contact us online or call our Naples Office at (239) 384-9688 or our Fort Myers Office at (239) 768-5008.

LIKE us on Facebook, follow us on Twitter and LinkedIn.

-Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

Leave a Reply