Does your spouse’s bonus count as income in your Orlando, Florida divorce? What else counts as Income in your Orlando, Florida divorce?
What is included in income in your Orlando, Florida divorce? Your spouse’s most recent bonus counts as income in your Orlando, Florida divorce. Section 61.30(2), Florida Statutes, requires trial courts to consider bonuses in calculating a spouse’s income for purposes of child support. Florida Statute 61.08(2)(g) requires trial courts consider all sources of income available to either party in computing an award of alimony.
Bonus income must be included in the calculations of both child support and alimony when it is regular and continuous.
Florida Statute 61.30 defines income as follows:
(2) Income shall be determined on a monthly basis for each parent as follows:
(a) Gross income shall include, but is not limited to, the following:
1. Salary or wages.
2. Bonuses, commissions, allowances, overtime, tips, and other similar payments.
3. Business income from sources such as self-employment, partnership, close corporations, and independent contracts. “Business income” means gross receipts minus ordinary and necessary expenses required to produce income.
4. Disability benefits.
5. All workers’ compensation benefits and settlements.
6. Reemployment assistance or unemployment compensation.
7. Pension, retirement, or annuity payments.
8. Social security benefits.
9. Spousal support received from a previous marriage or court ordered in the marriage before the court.
10. Interest and dividends.
11. Rental income, which is gross receipts minus ordinary and necessary expenses required to produce the income.
12. Income from royalties, trusts, or estates.
13. Reimbursed expenses or in kind payments to the extent that they reduce living expenses.
14. Gains derived from dealings in property, unless the gain is nonrecurring.
That is why it is important to make sure you receive the last 3 years of your spouse’s tax returns. They are much more accurate regarding the income of your spouse than a financial affidavit that your spouse provides to you. Make sure you get W2s, all 1099 tax returns, and corporate tax returns if those tax returns are applicable to your case.
If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation.
This article is for informational purposes only and does not form an attorney client privilege.