As part of the tax overhaul passed last year, a major change is coming to alimony. Effective January 1, 2019, alimony in all newly granted divorces will be taxable to the paying party, rather than the receiving party.
One of the more fundamental aspects of day-to-day life that's impacted by divorce, is where you and your spouse will live, both during and after the divorce. Ideally, you can figure out where you'll live after the divorce early on in the process, and use that decision to guide you earlier on.
This is where you have to take a step back and assess your goals. You can hold out for the best financial terms possible, or you can reach an agreement sooner than later, but it's not usually possible to do both.
Alimony is only awarded in a divorce or legal separation. Most often, alimony awards are part of a divorce decree. Whether a person will be awarded alimony or not depends on a long list of factors, but most importantly:
- The length of the marriage
- How much income each person will or should be able to earn after the divorce
- What assets each party will have after the divorce.
The biggest factor - by far - for how long your divorce will take is whether the divorce is contested or uncontested.
If you and your soon-to-be ex can reach an agreement on how everything will be divided, how custody and visitation will go for any children, and the amount of any child support or alimony, an attorney can memorialize your agreement into a legally binding form within one to two weeks.
If you can't reach an agreement, the process naturally takes much longer.