As many Massachusetts residents discover, the process of ending a marriage may be temporary, but taxes are forever. Divorce brings with it many financial adjustments, and tax changes are not the least of these, with implications lasting long after a divorce is finalized. There are four main areas that divorcing or recently divorced individuals will want to consider, including filing status, dependent deductions, asset transfers and spousal support.
The end of a marriage is not something that most -- if any -- Massachusetts couples take lightly. Divorce, no matter how necessary and beneficial in the long run, inevitably brings stress and upsetting emotions. However, as many are aware, a divorce is often best for all parties involved, and with sound support and guidance, there are ways to avoid common mistakes and minimize the stress.
In what may or may not come as a surprise to Massachusetts couples, the choice of when it's time to end their marriage may be strongly affected by the season. Sociologists analyzed data and determined that the number of divorce filings peaks consistently ever year after winter holidays. There are several theories as to the reasoning behind this "Divorce season."
Those in Massachusetts who find themselves entering the new year with thoughts of ending their marriage are not alone. In fact, for one reason or another, the first working Monday of each year brings an annual spike in the number of people making appointments to seek the counsel of a divorce attorney. Before such an appointment, there are several steps an individual can take so that he or she is as prepared as possible.
No matter how certain both spouses are that splitting up is for the best, the process of ending a marriage is still going to be stressful, even from a strictly legal point of view. There are a lot of issues to address and things to remember, and it can be difficult to think clearly and logically at a time that might feel extremely emotional. However, there are certain steps individuals can follow with the guidance of a Massachusetts attorney that may help make the divorce process smoother from beginning to end.
Sometimes, no matter how hard a divorcing Massachusetts couple tries to settle their differences, they end up in court. While no one can say divorce court is pleasant, it is sometimes a necessary part of the process. Of course, this time is guaranteed to be a stressful one no matter what the situation, and in such cases, it may be difficult to remember things that otherwise would feel like common sense, so individuals may wish to try to keep in mind some basic guidelines.
More than one sector of the economy could potentially be affected by a new tax plan. A proposed tax reform bill would affect alimony deductions. Some experts say that this will lead to reduced spousal support in the future. Residents of Massachusetts may be interested to learn more about how the tax bill may affect them.
For divorcing couples with children in Massachusetts, one confusing aspect might be that of alimony. Alimony, or spousal support, is a separate issue from child support. The two are treated differently by the courts and addressed in a different way when it comes to taxes.
While tax season may feel a long way off, divorcing couples in Massachusetts might wish to start thinking about it now. With divorce comes a number of adjustments, and amongst those are major tax changes. To avoid hassle later, a divorcing or recently divorced individual will likely find it helpful to begin addressing these matters now.
Once individuals have decided that they're ready to end their marriage, they're usually eager to get the process over and done with as quickly as possible. Unfortunately, some divorcing couples find themselves embroiled in a complicated and lengthy divorce process that they weren't anticipating. Many people want to know if there are ways to help speed the process along.