Most Massachusetts couples will likely agree that trust is one of the most important components of a healthy relationship. When two people decide to divorce, no matter the reason, in most cases, either prior to or during the divorce process, trust is eroded to some degree. When trust is depleted or absent, one party in a divorce may attempt to hide assets from the other. A financial expert offers advice for uncovering such hidden assets, since doing so will increase the likelihood that both parties will be treated fairly in the divorce.
Couples who have decided to part ways often face multiple challenges as they move through the process of dissolving their union. In addition to the emotional toll, each party must make potentially life-altering decisions about various aspects of their lives, including children, living arrangements, property division and finances. Massachusetts couples going through a divorce who own and operate a family business together face yet another area in which difficult decisions must be made.
Many Massachusetts residents know about the changes to the tax treatment of alimony payments under the Tax Cuts and Jobs Act. As of Jan. 1, 2019, alimony payments are no longer considered tax deductible for the payer nor taxable for the recipient. However, the new law applies only to new agreements signed on or after the first of this year or older agreements that have been modified after Jan. 1, 2019. For all others, for tax purposes, it is important to know exactly what is considered alimony, otherwise known as spousal support.
Most Massachusetts drivers know all about driving in wintry conditions and understand the need to slow down if roads are covered in snow or ice, or they will simply avoid taking to the roads all together. Unfortunately, some people will drive in any circumstances and will ignore rules of the road that are presumably in place for a good reason, sometimes causing personal injury to others. In a recent accident, a man was killed due to what may have been poor judgment on the part of another driver.