Divorce is about severing ties and starting over, at the same time. Having a financial plan can help secure your future and give you peace of mind, but this process isn’t without its challenges. Related: ‘I’m Getting Divorced, and My Spouse Owns Part of My Company’ “You have to reassess everything,” says chartered financial analyst…
Divorce and Finances
FAQ’s About Divorce in Massachusetts
Here are some common FAQ’s About Divorce in Massachusetts: Q: Should I file first for divorce? A: The answer to this question is largely a case-specific answer. The determination of value of assets, which goes to the equitable division of marital assets pursuant to M.G.L. c. 208 §34, is determined from the date of marriage…
Financial Disclosure in a Divorce
When spouses are going through a divorce, a common concern is that their husband/wife will not fully disclose their assets. In Massachusetts, to protect against this issue, the Court issued Supplemental Probate Court Rule 410, in which both parties must exchange certain financial information within 45 days after the defendant was served the summons and…
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…
Massachusetts Alimony Reform Act: When Does my Alimony Obligation Terminate?
In March 2012, the Massachusetts Alimony Reform Act became effective. Under the Alimony Reform Act, a spouse’s alimony obligation now has a termination date, whereas under previously Massachusetts alimony law, a spouse’s alimony obligation could last forever. To determine when your alimony obligation will terminate, you first must know what kind of alimony you are…
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…
General Term Alimony: What is It?
Q: What is General Term Alimony? A: There are 4 types of alimony under Massachusetts law. The four types are: General Term Alimony: the periodic payment of support to a recipient spouse who is economically dependent. Rehabilitative alimony: the periodic payment of support to a recipient spouse who is expected to become economically self-sufficient…
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…
FAQ About Alimony in Massachusetts
Q: Will I have to pay alimony to my spouse? / Q: Will I receive alimony from my spouse? A: The short answer is it depends. Based upon the Alimony Reform Act of 2011, there are many factors that have to be considered to determine if a spouse will have to pay alimony during or…
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