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.
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.
Massachusetts residents who are going through divorce may wish to learn more about how rehabilitative alimony works. The purpose of rehabilitative alimony is to allow an individual some time to go to school or re-establish a career. It most cases, a spouse will receive rehabilitative alimony for five years or less. However, alimony payments may be terminated early in certain circumstances.
When a couple decides to divorce there are many things that need to be worked through. Depending a variety of circumstances in the marriage, it is possible that alimony could be one of those issues. Also referred to as spousal support, it is awarded in situations where one spouse makes more money than the other.
If you have been divorced – or you are involved in a divorce now – you know that there are countless decisions to be made. This is a time of change, and you must make choices that could affect you both now and in the future. Clearly, important considerations include who will get the marital home, who will have primary custody of the children, whether spousal support/alimony is appropriate and how marital assets and debts will be divided. An often over-looked but increasingly relevant issue in a divorce is the custody of the family pet.
There can be many reasons why a couple might explore the option of divorce. For example, recent celebrity breakups have emphasized a more collaborative approach to separations, legal or simply emotional, viewing significant others as teachers on one’s life journey.
According to a recent article, the increase in recent years in the number of stay-at-home parents might be driven by economics, rather than lifestyle or parenting trends.
Readers of this divorce blog know that divorce can be expensive, especially if matters like valuing and dividing the marital estate, child support and alimony are hotly contested. Yet a recent finding may surprise readers.
For many married couples in Massachusetts, the end of their marriage is unthinkable. Even if statistics prove that it is likely that more than half of all marriage in the United States will end in divorce, some couples do not believe in thinking about or preparing for the possibility of divorce. This can make the reality of divorce a very difficult and complex time. This is especially true if the couple cannot agree on their finances.