How Does Inheritance Affect Alimony in Florida?

Inheritance is often highly unpredictable, and its effects on our lives can be equally difficult to predict. Many people receive significant sums completely out of the blue – often from distant relatives. The timing of inheritance can also be very difficult to predict, and this is due to the nature of human life and death. If you receive inheritance in Florida, how might this affect your alimony?

My Spouse Received Inheritance: What Happens to My Alimony? 

If your spouse recently received inheritance, there are a number of questions you need to ask yourself. First of all, the situation depends entirely on whether you are receiving or paying alimony:

If you’re paying alimony, the court may conclude that this represents a change in circumstance. As a result, you might be required to pay less alimony due to your spouse’s increased wealth. In many cases, spousal support may cease altogether. If you’re receiving alimony, these spousal support payments may increase after your spouse receives inheritance.

 I Received Inheritance: What Happens to My Alimony? 

If you received inheritance, the same logic applies – but in reverse. If you’re receiving alimony payments, your spousal support might be lowered – or it might cease altogether. If you’re paying alimony, you might be ordered to contribute more due to your increased wealth.

Does My Ex Get to Take All My Inheritance? 

While you might be ordered to pay more in alimony because of your inheritance money, the court will not allow your bank account to be completely drained. First of all, it’s important to note that there simply isn’t enough time for this to happen. New changes to Florida’s alimony laws means that most alimony payments only continue for a few years. Permanent alimony has now been abolished.

Secondly, there are a number of things you can do to protect your inheritance. Consider keeping the inheritance in a trust until alimony is set to end. Illiquid assets such as houses or investments may have less of an effect on alimony compared to cash.

Consider other options to end your alimony faster than normal. For example, retirement now has a strong chance of ending alimony in Florida. You might also consider whether or not your ex is cohabiting with another partner – as this may also lead to the cessation of alimony. Speak with a Florida divorce attorney to learn more about these options.

Where Can I Find a Qualified, Experienced Alimony Lawyer in Florida? 

Thanks to new legislation, there are many ways in which alimony might end in Florida. Permanent alimony has been abolished in the Sunshine State, and spouses are now ending their alimony obligations for a number of reasons. These might include the receipt of inheritance, retirement, cohabitation, and many others. To learn more about how and why alimony might end in Florida, be sure to get in touch with a qualified, experienced Orlando divorce lawyer. Choose Steve Marsee, P.A. – and get started today.

Sources:

morningstar.com/news/marketwatch/2023112046/my-husband-wants-me-to-sign-over-20-of-my-home-if-not-he-threatens-to-take-half-in-a-divorce-what-should-i-do

flsenate.gov/Committees/BillSummaries/2023/html/2984#:~:text=CS%2FSB%201416%20%E2%80%94%20Dissolution%20of%20Marriage&text=The%20option%20to%20award%20permanent,of%20less%20than%203%20years.