For families with special needs children, life looks a little different from the average family. This doesn't mean you love your children any less, it just means that your responsibilities and center of focus can be different from parents who do not have special needs children. Divorce, though, can give rise to certain considerations when these parents decide to divorce.. This is why it is often wise to work with a qualified legal professional when dealing with marriage dissolution.
Our readers in Massachusetts know that divorce can have a substantial impact on the lives of all involved, which oftentimes includes a soon-to-be ex-spouse and their children. In a divorce case, property and debt will be divided, alimony might be debated, and child custody and support can become hot-button issues. As the legal process unfolds, it can put a strain on any given person's emotional health. So, how do you address the emotional toll of a divorce case?
Many families in Massachusetts have at least one child with special needs. Planning for the future economic well-being of such a child is often a heavy burden with unforeseeable consequences. One method of easing that burden and ensuring a favorable outcome is the establishment of a special needs pooled trust.
Divorce, even a simple one, can be one of life's most taxing experiences. If a child is involved, the experience can become even more stressful. And if the child has special needs, the experience may seem to tax the emotional resources of both parents beyond their capacity to endure. Massachusetts parents with a special needs child can survive the experience by giving substantial forethought to the needs of their child.
Massachusetts couples who own a family business together but are ending their marital or personal relationship have many important options to consider when it comes to what they want to do with the business moving forward. This decision can have a huge financial impact on all parties involved.
Many Springfield, Massachusetts, residents have a lot of wealth tied up in their retirement plans. These plans are often offered through one's work. Plans, including pensions and 401(k) investment plans, are a common way of saving money up for retirement, as they usually have favorable tax consequences associated with them.
Because it marks a once-in-75-year change, this blog has written previously on the federal government's recent decision to adjust how alimony is treated for federal income tax purposes. To summarize our previous posts, any Massachusetts alimony order finalized on or after January 1 will not be a tax-deductible expense for the person order to pay alimony, nor will it be taxable income to the recipient. In other words, there will be no tax consequences either way with respect to alimony payments.
Although this blog previously discussed this, with the end of the year approaching, this is a great occasion to remind Massachusetts residents of upcoming changes in the way alimony gets handled for tax purposes.
The idea of an offshore account may connote some sense of mystery or even inherently illegal activity. However, the reality is that offshore accounts are simply bank or investment accounts that are held in foreign countries. Residents of Springfield, Massachusetts, even if they are of relatively modest means, can and often do own these sorts of accounts for a variety of reasons.
As many Springfield residents probably know already, a divorce or legal separation, and sometimes even an informal breakup, are going to each cause issues related to property division. With respect to divorce in particular, the goal in Massachusetts is to divide the property of the married couple equitably, that is fairly, between them.