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Posts tagged "Alimony"

Avoiding common financial mistakes when getting a divorce

When spouses in Massachusetts are pursuing a divorce, there are precautions they can take in order to keep the process as simple as possible. The effects of the end of a marriage can continue on long after the divorce decree is finalized, especially when it comes to financial matters. Due to this, there are some major issues spouses should avoid during the process.

Alimony contingency acceptable to court

Sometimes, alimony or child support payments come with a contingency, and Massachusetts families may be interested in a recent alimony case that had a contingency related to homeschooling. The father had agreed to pay the mother additional alimony if she homeschooled the children following their divorce. The rationale was that the mother could not earn an income outside the home if she homeschooled full-time.

What counts as an alimony payment in Massachusetts

Alimony payments are payments made to a spouse following a divorce, and they may be ordered by the court or based on an agreement between the divorcing couple. It is important to note that monthly spousal support payments are not the only types of payouts that may be considered to go towards someone's alimony obligations.

Understanding transitional alimony in Massachusetts divorces

Massachusetts couples who are looking for a divorce may be interested in some information on a special type of alimony payment available in the state. This type of alimony helps with a spouse's transition to supporting themselves.

Modification of alimony payments in Massachusetts

Massachusetts allows for modification of alimony support payments if there has been a material change in the financial circumstances of the parties. In addition, alimony support payments ordered prior to May 2012 may be reduced if the length of time in the original order exceeds the maximum amount of time permitted under the new Massachusetts alimony guidelines.

Study shows relationship between serious illness and divorce

Massachusetts couples might want to read about a new study looking into the relationship between divorce rates and illness. Researchers at Purdue University and Iowa State University determined that the chance of a marriage ending in divorce goes up by 6 percent after the wife becomes seriously ill. A husband's serious illness was not found to increase the likelihood of divorce, however.

Saving money when a marriage ends

When a long-term marriage ends in Massachusetts or across the nation, one person might need to pay spousal support, especially if there is a significant discrepancy in the earnings between the two. Even when alimony is a likely factor, the other party might contest it. However, the expenses and related legal fees needed to do this might be prohibitive and could wind up costing the parties more than the actual spousal support.

Man seeks $400,000 in monthly alimony

Massachusetts shoppers may have heard that in March 2014, a Walmart heiress filed paperwork to end her marriage of six years. However, her former husband has chosen to pursue her assets and seek $400,000 per month in alimony. A breakdown of the list of his average necessities includes $80,000 for entertainment, $50,000 in rent, $30,000 for vacations, $10,000 for furniture. He is also requesting $6,700 for a personal chef, $5,000 for clothes, $4,000 for a driver, $2,500 for a personal trainer and $1,000 for a personal stylist. He is also requesting $2,500 as a stipend so that he can give to charity.

How a divorce in Massachusetts could affect your taxes

Going through a divorce means that you have to make some decisions about alimony, the division of your marital assets and other related issues. In some cases the two of you will be able to agree on these matters, but if not, the court will make those determinations. One thing that you might not consider is how these decisions may affect your taxes. There are consequences for each financial transaction that you make, so it is essential to understand how your taxes could be affected.

Massachusetts child support guidelines

Rather than a set percentage, the amount of child support paid by a non-custodial parent in Massachusetts is determined on a case-by-case basis. Courts use a set of guidelines in determining this amount, many of which relate to the income of each parent. The purpose of the guidelines is to provide for the best interests of the child while recognizing the parents' financial situations as well as monetary and non-monetary contributions to the child's welfare.

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