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Posts tagged "alimony"

What A Massachusetts Divorcing Woman Needs To Know About Her Husband's Cash-Based Business

The goal of your Massachusetts divorce process is not only to put a legal$ bag.jpg end to your marriage so that you can move on with your life. The goal of your divorce process must also include the negotiation a fair settlement agreement, so that when you do move on, you'll have a financial footing that's as firm as possible.

Infographic: Alimony in a Massachusetts Divorce

When you are going through a Massachusetts divorce, there are a number of different outcomes that may occur in addition to dissolving your marriage. One such outcome is alimony, which is a legally binding financial agreement between a couple that can be awarded during divorce proceedings. Alimony, also known as spousal support, is usually awarded when one spouse has a significantly larger income than the other. In that case, the court mandates regular payments in order to assist with financial security when the divorce is finalized.

Stay-at-Home Massachusetts Dads Deserve Alimony Too!

Traditionally, when society speaks about or thinks of alimony, it has been given byStay at home dad 1.jpg Massachusetts men to their ex-wives. However, in the last few years, there has been an increase in the number of men requesting and receiving alimony. As the number of women climbing the career ladder rises, so does the number of stay-at-home fathers, as well as the number of men seeking alimony. Women are now actually the top earners in one-third of all marriages, and as women continue to narrow the income gap, it has resulted in some unforeseen consequences, especially when it comes to divorce.

How To Prove Income of Massachusetts Self-Employed Spouse

The amount of income of your Massachusetts spouse or co-parent has wideSelf employed.jpg ranging significance in your divorce or child support dispute. The amount of both your and your spouse's income will affect whether you're entitled to spousal support and in what amount, how your and your spouse's assets will be divided, and the amount of child support. If you or your spouse does not work a traditional salaried job, showing how much income is available after business expenses are paid can be difficult, and could even provide an opportunity for your spouse to conceal income.

What Happens When Your Former Spouse in Massachusetts Files for Bankruptcy?

When you go through a Massachusetts divorce, it can be both financially as well asBankruptcy 2.jpg emotionally painful. Moreover, if your former spouse suddenly files for bankruptcy, things can be even more stressful for you as there is a possibility that your financial stability can get greatly affected. Divorce, as well as bankruptcy, may have a great impact on your financial position in various ways based on the new circumstances of your ex-spouse.

Alimony Tax Reform Will Dramatically Change Massachusetts Divorce

The new tax reform law would eliminate the tax deduction for alimony and makeAlimony 17.jpg alimony income tax-free to the recipient for divorce decrees executed after December 31, 2018 and it wouldn't affect existing divorces. 

The Dangers of Not Getting Around to Making Their Massachusetts Divorce Official

Every so often, I receive a call from someone saying that they've been separatedDivorce 82.jpg for years from their spouse, but that neither party ever bothered to make the divorce official.

IRS Tax Tip: Things to Remember About Hobby Income and Expenses

From scrapbooking to glass blowing, many Massachusetts residents enjoy hobbiesTax 10.png that are also a source of income. A taxpayer must report income on their tax return even if it is made from a hobby.

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