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…
alimony
Calculating Child Support When One Parent is Unemployed or Underemployed
In Massachusetts, child support is calculated based upon the Child Support Guidelines. The Child Support Guidelines use a mathematical calculation to determine a child support obligation based upon each parent’s gross weekly income, as well as the number of children for the child support order. When these numbers are entered into the formula, a number…
Before You Say ‘I Do’, Think About a Prenuptial Agreement
A recent study showed that brides and grooms-to-be who have cold feet before their wedding could very well foreshadow an unhappy marriage that could even end in divorce. Brides and grooms-to-be who have cold feet should really consider entering into a prenuptial agreement with their future spouse. This agreement can protect both spouses-to-be in the…
Facebook, Twitter, and Other Social Media: A Party’s Best Friend or Worst Nightmare in Family Law
Any matter pending in a family court is emotional and difficult for both parties. There are all types of cases that are heard by family courts: divorces, child custody and visitation, child support, paternity, and many more types of cases. Within these types of case, many issues are addressed, such as property division, the income…
FAQ’s About Massachusetts Divorce Law
With the national divorce rate close to 50%, many spouses have questions about divorce and the legal process of divorce. Divorce laws from state to state. Here is a summary of Massachusetts divorce law and frequently asked questions about this topic. Q: Is there a legal separation in Massachusetts? A: There is no formal “legal…
Don’t let divorce wreck your finances
“The money you’d put away to fund retirement together now has to cover two separate retirements,” says New York City financial planner Dawn Brown. “This will be more expensive because it requires running two households.” Meanwhile, for many of the newly single, living costs rise relative to income, while discretionary spending remains the same —…
Massachusetts Alimony Reform Act & Durational Limits
When the Massachusetts Alimony Reform Act went into effect in 2012, it provided for a payor spouse to file a Complaint for Modification to reduce or terminate his or her alimony obligation based upon durational limits, as further explained below. Rather than allowing spouses to file all at once in 2012, modification for only durational…
Postnuptial Agreements
Dear Clients and Friends, Properly executed pre-nuptial agreements have been enforceable for sometime in the state of Massachusetts. These agreements are entered into between the couple before they are married to protect assets each party had at the time of marriage. Here are Amaral & Associates, P.C., we prepare pre-nuptial agreements on a regular basis…
Weighing Divorce Options
What is the role of stock options in negotiating a divorce settlement? Far from being an academic question, the answer can actually determine the ownership of hundreds of thousands of dollars generated by the sale of appreciated stock acquired through company stock options. By specifying in the divorce settlement exactly how stock options will be…
Antenuptial Agreements: Setting the Tone for Compromise and Communication in the Marriage
A pre-nuptial agreement is a great test for a marriage and the couple’s ability to compromise on what will likely be recurring themes in the relationship. Relationships, like a prenuptial agreement, are full of compromise and negotiation. Two people entering into a marriage need to know how to have the difficult conversations and find fair…
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