Avoid These Common Mistakes When Calculating Alimony

If you are getting a divorce, there may be a possibility that you have the right to receive alimony, or that you may have to pay it. Alimony is a very contentious issue in Florida divorces and mistakes in alimony calculations can result in financial strain, frustration, and delayed legal battles. Below, our Orlando spousal support attorney outlines some of the most common mistakes we see.

Not Considering All Sources of Income 

Determining the amount of alimony one is obligated to pay does largely rely on a person’s income. The courts, though, take much more into consideration than just one’s income. Commissions, bonuses, rental income, investment income, and other financial benefits are also considered when calculating income.

Not Understanding the Types of Alimony 

There are many different types of alimony available in Florida. These include bridge-the-gap, rehabilitative, and durational. While Florida law once allowed for permanent alimony, that is no longer the case. Failing to understand what type of alimony is right for your situation can lead to unrealistic expectations and inaccurate calculations.

Failing to Consider the Length of the Marriage 

The length of the marriage plays a very important role when deciding alimony. Generally speaking, the longer a marriage is, the more alimony is awarded. In most cases that involve a marriage that lasted two years or less, alimony is not awarded.

Not Considering the Earning Capacity of the Recipient 

The courts in Florida will not only consider a recipient’s current income but also their skills, education, and their ability to become self-sufficient. When these factors are not considered, it can result in a miscalculation of alimony.

Inaccurately Calculating Living Expenses 

One of the main purposes of alimony is to help the recipient cover their daily living expenses. It is not uncommon for people to underestimate their actual cost of living, and this can drastically impact alimony awards.

Not Considering Age and Health Factors 

The age and health of both parties are considered when calculating alimony awards. This is because the age and health of both the paying party and the recipient can greatly impact their future earning capacity and their financial needs. These factors can significantly impact alimony.

Not Considering the Recipient’s Separate Assets 

Separate assets are not divided during divorce but they can have an impact on alimony proceedings. For example, even if one spouse is a lower earner, high value assets can make their overall financial picture better and so, it can help determine whether or not they are entitled to alimony at all.

Our Spousal Support Attorney in Orlando Can Help You Calculate Alimony 

Calculating alimony is never easy but it is critical if spousal support is going to be part of your divorce case. At Anderson & Ferrin, P.A.,our Orlando spousal support attorney can review the facts of your case, determine if you will have to pay alimony or have a right to receive it, and accurately calculate the amount. Call us now at 407-412-7041 or contact us online to schedule a consultation and to get more information.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.08.html