Divorce at a later stage in life can often invite serious financial issues. In many cases, one of the estranged spouses might have to pay thousands of dollars in spousal support and alimony. An older couple who have been married for a long time may have to let go of a substantial portion of their retirement assets and benefits because of the divorce.
In Massachusetts, divorced spouses who pay or receive alimony may ask for changes in the alimony amount or payment period. An alimony modification can be requested by one or both spouses, and the filing should be done in the same family court that presided over the divorce proceedings.
Massachusetts divorce is tough on most people. The longer the marriage, the tougher the emotional strains and the rougher the financial challenges faced by both spouses. Few Massachusetts couples are exempt from these challenges.
When a couple decides to end their marriage, there are many decisions to be made about issues such as child custody and support issues, alimony and division of assets. A divorce can be a long, complicated process, and for many couples, it can cause a fair amount of pain and sadness.
It is typically the norm for individuals to become used to the lifestyles they lead as a married couple. As a result, if the couple decides to get divorced, they may expect to carry on living a similar sort of lifestyle. Because keeping up with expenses can be more difficult on a single income, some parties may seek alimony from their former spouse in order to take care of those expenses as a single person.
For divorced individuals in Massachusetts, understanding alimony may be an issue that they have already covered. However, making and receiving such payments can have tax consequences that they may be a bit more uncertain about. Because making payments can reduce a person’s income and receiving payments can increase it, it is important to understand what that could mean for taxes.
When a Massachusetts couple separates, each individual must face significant changes in their life. Divorce can cause parties to relocate, deal with custody issues and even determine whether they will be able to afford their lifestyle on one income. As a result, looking into the future financially could be an important step to remaining stable after divorce.
After a couple decides to separate, certain divorce issues could cause a deal of tension. Alimony payments are often a point of contention because payment amounts are not often easily agreed upon and the duration of alimony is often a point of concern. Massachusetts has been a forerunner in alimony reform, but unfortunately for those in nearby states, many are facing the consequences for spousal support guidelines that many former spouses across the country are beginning to see as outdated.
Massachusetts residents know the difficulties of divorce can often cause much upset for both parties, even the one who initiated the divorce discussion. Though hard feelings can arise toward separating partners, it is important to remember that being upset is natural, and more than likely both spouses are feeling some negative emotions. Focusing on positive personal emotions after a divorce can help not only oneself feel better quickly, but it can also lead to a more amiable divorce process and after period.
Divorce often leads to many questions that need to be answered. Financial obligations of all parties involved as well as child custody and support tend to be the forerunners of issues that need speedy resolutions. The laws governing these issues can seem complicated and can become outdated. Massachusetts passed an alimony reform in 2011 which changed alimony laws for the state. This reform sparked national interest, and alimony reform is currently a hot button issue in Florida.