Marital Lifestyle is Not a Factor to be Considered in Deviation from Alimony Durational Limits
In 2011, the Alimony Reform Act determined that alimony is “the payment of support from one spouse, who has the ability to pay, to a spouse in need of support for a reasonable length of time.” G.L. c. 208, §48. The “reasonable length of time” during which alimony shall be paid has presumptive durational limits based upon the length of the marriage. Pursuant to G.L. c. 208, §53, the Court can deviate from the durational limits when setting the initial award or at the time an alimony award is modified “upon written findings that deviation is necessary.” The statute sets forth grounds for deviation, as follows:
(1) advanced age; chronic illness; or unusual health circumstances of either party;
(2) tax considerations applicable to the parties;
(3) whether the payor spouse is providing health insurance and the cost of health insurance for the recipient spouse;
(4) whether the payor spouse has been ordered to secure life insurance for the benefit of the recipient spouse and the cost of such insurance;
(5) sources and amounts of unearned income, including capital gains, interest and dividends, annuity and investment income from assets that were not allocated in the parties divorce;
(6) significant premarital … Keep reading
When parties to a Massachusetts divorce settle their differences and come to an agreement, they enter into a written settlement document, commonly known as a Separation Agreement. The Separation Agreement must then be presented to and approved by a judge in the Probate and Family Court. The judge will review the agreement and the parties’ financial statements to determine if the Separation Agreement is fair and reasonable, not the product of coercion or duress, and ensure that it makes adequate provisions for the care, custody, and support of any unemancipated children. If the judge approves the Separation Agreement, it is then incorporated into the Judgment of Divorce. Beyond incorporation, the agreement will either “merge” into the Judgment of Divorce or “survive” as an independent contract. The parties also have the option to request that certain provisions of the agreement merge while other provisions survive. All too often, I see unrepresented parties stare in bewilderment when asked by a judge if they intend for their Separation Agreement to merge or survive.
We all love our in-laws, right? (wink, wink) Shielding your hard-earned assets from a child’s spouse in the event of divorce is a critical component of your estate plan. Perhaps you love your son-in-law, but would prefer to pass assets down within your own bloodline. Or, perhaps having been divorced yourself, you realize the possibility of your own child’s divorce, and you worry that your son’s inheritance could end up in the hands of his ex-spouse and their new family down the road. Whatever underlies your concerns, there are ways to prepare an estate plan around these contingencies.
First of all, to our past, present, and future readers, we want to thank you for reading and wish you all a very Happy New Year! We hope that our articles provide you with some new insight and perspective, as well as the occasional levity to the often challenging (but always interesting) divorce process. In this “fake news” era, I thought it would be helpful to start the year by dispelling some “myths” and “misconceptions” of the divorce process, specifically, as they apply to the ubiquitous issue of dividing assets in a divorce. I hope you enjoy.
Often times in a divorce matter, the two biggest assets the parties have are their house and retirement accounts. While everyone was busy with the recent holiday rush, President Trump signed the SECURE Act into law as part of the government’s spending bill. The SECURE Act takes effect on January 1, 2020, and makes important changes to retirement savings. While not a law directed specifically to divorcing spouses, it is important to understand the changes the SECURE Act has made given that retirement accounts are a significant consideration in most divorce matters. Some of the most important changes the SECURE Act made are as follows.
If you find yourself lucky in love after a divorce, you have myriad considerations when deciding whether to remarry. If you have children from your prior marriage that you would like to provide for, I recommend that updating your estate plan be top of mind. A carefully crafted estate plan can function to provide for both your children and new spouse in a way that meets your goals.
“Massachusetts Welcomes You” is a sign that greets you as you make your way into the Bay State, regardless of whether you are just passing through or sticking around for a while. In addition to Massachusetts being a tourist destination, many people (myself included) decide to relocate to Massachusetts from lands near and far for a variety of reasons. So what happens if you move to Massachusetts and decide to get divorced? How long do you have to be in Massachusetts before its Probate and Family Court “Welcomes You”?