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
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…
Divorcing During Your Golden Years
Recently there has been an uptick in divorces amongst Baby Boomers. Given that Baby Boomers are now in their 60’s, a divorce involving Baby Boomers, or any older couple, is known as a gray divorce. Although a divorce for an older couple proceeds just like any other divorce does, there are certain factors that both…
Spring Newsletter 2013
A federal government agency has issued new rules for home mortgages that will rewrite the way that banks decide who gets a home loan. If you’re thinking about buying a new home, you’ll want to know about these rules, so you’ll know what to expect when you apply for a mortgage and what you can…
Massachusetts Alimony Reform Act: When Can I Modify My Obligation
Under the Massachusetts Alimony Reform Act, which became effective in March 2012, there are new standards and guidelines upon which a spouse may file for a modification of alimony. There are four types of alimony under the Massachusetts Alimony Reform Act: 1) General Term ; 2) Rehabilitative ; 3) Reimbursement ; and 4) Transitional. Based…
Massachusetts Alimony Reform and Cohabitation: What does is mean for me?
Under the new Massachusetts Alimony Reform Act, which became effective in March 2012, if a spouse who receives alimony begins to cohabitate with another person, then alimony may be modified or terminated under the new law. This is a departure from the previous Massachusetts alimony law, which did not allow for termination or modification based…
Understanding The New Massachusetts Alimony Reform Act
In 2011, the Massachusetts Legislature passed the Alimony Reform Act, which completed overhauled the alimony laws in Massachusetts. When the Act became effective in March 2012, alimony then became categorized into four different types of alimony. The first, and most common type of alimony is General Alimony. This is the periodic payment of support to…
New Massachusetts Alimony Reform Act
Are you aware of the new Massachusetts Alimony Reform Act that has been signed into law by Governor Patrick? The Act has not been modified since 1974 and the Law becomes effective in March of 2012. The purpose of the new Alimony Reform Act is to spell out the four (4) new types of alimony,…
Massachusetts Alimony Reform Passed
Today, the much anticipated Massachusetts Alimony Reform Bill will be signed into law by Governor Patrick. READ MORE Don’t Forget to Follow Us on Twitter!
Massachusetts Alimony Reform
I recently started reading local attorney, Steven Ballard’s Massachusetts Divorce & Family Law Blog and found an interesting post on alimony reform from about a month ago. In “Alimony Reform and the Business of Divorce”, Steven questions the alimony reform and gives a good description about the current controversy over the competing Massachusetts alimony bills, and…
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