Not all forms of alimony and child support count as YOUR income for mortgage purposes. Many experts caution child support recipients that accepting your support by direct deposit is a huge mistake. And the same is true about cash. The reason: Banks require proof of income. When you receive support by direct deposit or in cash, there is no paper trail or proof of income.
This post discusses the five common mistakes people make when dividing their finances during a divorce and tips on how to avoid them:
The divorce process involves many aspects of the relationship from an emotional and financial standpoint. The most contentious issues often center on the parties' finances. Because addressing cash flow and the distribution of assets can create added stress during the divorce process, mediation is often considered as the best alternative to going to court. In this process, both parties have an opportunity to obtain complete information on the family's financial situation and make informed decisions about how to move forward. This is especially important when there is an imbalance in the relationship caused by either a disparity in income or understanding about the finances. Regardless of the reason for the financial imbalance, mediation allows for both parties to have a fair process and equal opportunity for his/her questions and concerns to be heard and addressed while coming to an agreement.
If you're going through a Family Court case in Massachusetts, it is sometimes hard to determine the best way to handle what can sometimes be a contentious process. Is it best to fight tooth and nail, refusing to cave until you get your way and insisting that matters be taken to court? Or should you settle and try to reach an agreement through negotiation with the other side? Is that a surrender or can it instead be useful?
Though divorce inevitably leads to financial changes, it doesn't have to lead to financial devastation. The following are some important things to keep in mind for those going through a Massachusetts divorce or separation as well as advice for how to avoid making costly mistakes:
This might come as a surprise, but an individual's retirement often has a significant effect on post-divorce matters. For example, if the supporting spouse retires, this may lead to a modification of alimony payments that he or she is required to pay the dependent spouse. The criteria for modification in the event of retirement are the following: whether the retirement is permanent or temporary, whether the initial divorce agreement had considerations for retirement, the inability to maintain he or she's same standard of living once retired, and balancing the needs of the alimony recipient and the supporting spouse.
Have you considered all of the many ways that you can use your smartphone, tablet, computer, or social media to promote closer bonding with your children? Consider the following ways to use technology to help bond with your children:
Can children choose what parent to live with after a divorce? The short answer is probably "no". Most child custody lawyers would agree that custody and parenting plans are probably the most highly contested issues between people when relationships don't work and the couple has had children.
Divorcing couples are usually most concerned about their children. How will my children adjust to the change in our family structure? How will I effectively co-parent with my soon to be ex? When and how should we tell the kids? What questions will they ask? My ex is placing the children in the middle! For these reasons and more, the Massachusetts Probate and Family Court requires parents of minor children to complete a mandatory parent education class. The parenting class is designed to educate parents on the effects of divorce on children and offers co-parenting tips for the couple post-divorce
If children are involved in a family law case, there is sometimes a need for temporary child support. Fortunately, Massachusetts has a procedure for obtaining temporary child support. Temporary child support is child support that the court orders to be paid by one parent to the other for the benefit of the child(ren) during the pendency of the case.