A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for…
divorce and taxes
Financial Planning For and During a Divorce
A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for…
Rehabilitative, Transitional, and Reimbursement Alimony in Massachusetts
Q: What are Reimbursement Alimony, Rehabilitative Alimony, and Transitional Alimony? A: There are 4 types of alimony under Massachusetts law. The four types are: General Term Alimony Rehabilitative Alimony Reimbursement Alimony Transitional Alimony Rehabilitative Alimony Q: What is Rehabilitative Alimony? A: By the statute’s definition, Rehabilitative Alimony for a recipient spouse who is expected to…
Child Support, Alimony & Taxes
When going through a divorce, there are many financial issues that spouses must address. Some of these financial issues have tax consequences, and other financial issues do not. One area where taxes come into play is support. Under Massachusetts Law, there are two categories of support. The first category is alimony, which is the periodic…
How Much Will My Divorce Cost?
Many times one of the first questions a potential client will ask our firm is “How much will my divorce cost?” Unfortunately, there is no straight answer for this question. There are many variable factors that can affect how much a divorce will cost, and there is no “standard” legal fees for a divorce. One…
Handling Your Divorce Like an Air-Traffic Controller
The stresses placed on divorcing couples, who are making decisions about custody, spousal support, equitable distribution and parenting plans are not unlike those of air-traffic controllers, who are trying to safely land multiple jumbo jets coming in on multiple runways. Perhaps these aren’t life or death decisions, but that depends entirely on your perspective! I…
Divorce Can Mean a Trip Down the Economic Ladder for Women
Divorce can be a one-way ticket down the road to financial instability for many women, especially for those who are middle class or low-income. It can mean a loss of work hours, more time (and expense) devoted to childcare and a cold slap in the face when it comes to finding a job or finishing…
Managing High Asset Divorces in Massachusetts
All divorces can be stressful and important to spouses facing a divorce. However, handling divorces with a high asset value has some additional inherent complexities that not all spouses, or even all attorneys, are aware of. When addressing high asset divorces, there are complicated issues that have to be addressed within alimony, property division, taxes,…
Dependency Tax Exemptions and Divorce
During the course of a divorce, there are many issues that spouses have to resolve: property division, alimony, child custody, child support, medical insurance, and taxes. One after thought of these many issues is the child dependency tax exemption. In a divorce, spouses can agree how to allocate the dependency tax exemption. For example, if…
Taxes and Divorce, What You Need to Know
Finances and taxes are a significant issue during divorce, especially when children are involved. There are also special rules in the tax code that govern divorce and separation. It’s important to be apprised of these rules. Dependency Exemption. If you are the custodial parent of the children, you can claim a dependent exemption of $3,950…
You must be logged in to post a comment.