In reporting this story I came across a number of people who chose not to take spousal they were entitled to. Here are their stories: “Asking for alimony would be like asking for a pension for a job I no longer did. It just didn’t seem fair.” Suzan French married at 18, soon after had…
alimony
5 Reasons Why Alimony Should Be Reduced or Terminated if You’re Living With Someone
1. If you are living with someone else, your financial need has likely been reduced or eliminated, thereby reducing or eliminating your need for spousal support. 2. If you are living with someone else, accepting (or taking) spousal support is, in essence, double-dipping. 3. If you are living with someone else, while receiving spousal support,…
How Women Can Keep From Making Themselves Victims in Divorce
Sep 4, 2014, 9:22 AM ET By LAURA MATTIA, Baron Financial Group Financially Empowering Women Too many women undergoing divorce don’t think enough about their long-term financial stability. All too often, women getting divorced become financial victims. Many get settlements that are fair or, in some cases, more than fair. But because they have misguided…
Deciding To Become A Stay At Home Mom? Consider This Cautionary Tale
There’s a story I’ve heard countless times over the years, from both clients and colleagues. The details vary from one couple to another, but in general, the plot goes something like this: Out of school, Amy and John each landed plum jobs in their fields. They worked hard and made excellent salaries, affording them the…
Alimony Deduction Requires Good Substantiation
Until recently, I had a hard time understanding why there are so many alimony tax cases. I mean, after all, it is wash, right? One party has a deduction against AGI. He or she, probably still usually he, puts the recipients social number down and the recipient picks up the same amount as income. Then…
The Important Difference Between a Merging and Surviving Separation Agreement
It is not uncommon for a spouse to want to modify certain provisions of his or her Separation Agreement after a divorce. As time goes on, circumstances will most certainly change for the former spouses. However, not all Separation Agreements are modifiable. Before a spouse files a modification action, it is important to ascertain whether…
Important Documents a Spouse Should Bring to a Consultation with a Divorce or Family Law Attorney
If you are thinking it has come the time to file for divorce, or any other important family law matter, there are certain types of documents a spouse or parent should always bring with him or her when meeting with a lawyer for the first time. Being prepared with these documents can assist an attorney…
Hey, Divorced Parents, How About Going Beyond Civility?
I’m living with my ex-husband again. It’s not what you think. When we married in the spring of 1998, before wedding registries were online and photos were still shot on film, our chances of staying together forever looked pretty darn good. Great, in fact. We were 26-year-old college graduates who had dated for four years,…
Massachusetts custody proposal rightly stresses time with both parents
Slowly but surely, Massachusetts is reshaping its laws around divorce. First, a task force of experts and advocates prompted a sweeping overhaul of outdated alimony laws. And two years ago, the governor’s office convened a similar committee to review the state’s child custody laws. That committee’s work is done, and the result is promising: a…
Why your engagement ring was a bad investment
According to the Journal of Accountancy, the IRS has increased resources devoted to scrutinizing alimony. As is well known amongst divorcing individuals and financial professionals, the tax code allows the payor of alimony to deduct it from taxable income, while the recipient must include it in taxable income. So if Kevin pays Kate $30,000 of…
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