Before U.S. tax-law changes took effect this year, the person who paid spousal support got to take advantage of the "alimony deduction." The payor of the alimony could deduct the amount paid, and the recipient had to claim it as taxable income.
You are going through a divorce in Florida, and you know you need a team. This likely includes your friends and family as well as perhaps a therapist and/or support group. Your attorney is also a crucial member of your team. Have you thought to ask at your workplace about services that are available to you?
Divorce isn't easy, especially when it comes to dividing the considerable assets you've worked so hard to accumulate together. When you know you're divorcing, you have to protect those assets harder than ever.
Despite how often people say that "money can't buy happiness," they often act surprised when wealthy individuals still have troubles in their personal lives. For instance, you often see celebrities and other rich couples head to divorce court, and people wonder how it could have happened when they didn't have any financial stress and really had everything -- materialistically speaking -- that they wanted.
According to Forbes, about 25% of women are stay-at-home mothers. Among them are 10% of all American mothers who are considered to be "highly educated," meaning they have master's degrees or higher. As far as men go, approximately 7% are stay-at-home dads.
Amazon founder Jeff Bezos and his wife, MacKenzie, recently finalized their divorce, and the billionaires seem to have left behind a valuable lesson for the rest of us: how to keep a high-asset divorce amicable and on track.
When people say that money leads to divorce, do you assume that what they actually mean is that a lack of money leads to divorce? Do people just split up because they can't make ends meet and it stresses them out?
It's easy to go to the ATM, enter your card and learn your bank balance. It's a whole other thing to figure out where your spouse might be keeping cryptocurrency - a digital asset, such as bitcoin - and how to access it.
If you think your spouse might be squirreling away money to keep it from you in a divorce, there's one place you can look for a number of clues: your tax returns.
Typically, we use this space to discuss various topics related to divorces of high-earning spouses. However, there is a family law case pending in the Florida courts that involves a multimillionaire athlete and the woman whose two children he fathered that has elements involved in many divorces.