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,…
divorce and money
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…
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…
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