Are you thinking about filing for divorce in Massachusetts? Then you need to know what is likely to happen to your retirement accounts. The most popular type of retirement accounts include pension plans, 401(k)s, IRAs and Keogh plans. Typically, the coverture value of the retirement plan is divided equally. Lets take a look at what… Read more
Category Archives: Divorce – Finances
Can I Modify My Alimony Order?
Prior to The Massachusetts Alimony Reform Act of 2011, a durational limit was not placed on alimony. This means that there could be a lifetime alimony obligation even if the parties were only married for 3 years. Not only does the new act limit the duration alimony is paid, but it includes a provision that… Read more
The Economical Divorce
Legal fees can add up quickly. An extreme case of outrageous legal fees is the divorce of Simon and Chana Taub. [http://n.pr/mQd0zv] The Taubs have racked up over one million dollars in legal fees. The attorney fees are so high because they refuse to be reasonable. Right from the start they both refused to move… Read more
Alimony and Taxes
The term alimony is cash paid by one spouse to the other spouse pursuant to a divorce or separation agreement. The IRS defines alimony in Code Section 71. In order for the payments to qualify as alimony the payment must satisfy the following elements: (a) In cash (b) Paid to or for the benefit of… Read more
Finances and Divorce
Finances or the lack thereof can be a major strain on a married couple’s relationship. In general people are funny about money and that is why it is so important that couples keep an open dialogue about their finances. An online survey of Canadian couples [a similar culture to Americans] found that 92% of people… Read more
Save Money on Divorce Expenses
Legal fees can add up quickly. An extreme case of outrageous legal fees is Simon and Chana Taub ’s divorce. The Taubs’ racked up over one million dollars in legal fees. The attorney fees were so extreme because they refused to be reasonable. Neither party was agreeable to move out of the house, so they ended up… Read more