Antonioni & Antonioni Law Office Serving Central Massachusetts for 58 Years
Free 30-Minute Telephone Consultation 978-401-0823

Money issues during divorce

Some Massachusetts couples might split up over money, but financial troubles can continue during and after they divorce. Both assets and debts will need to be divided. Since Massachusetts is not a community property state, what each person earned during the marriage belongs to them. However, the aim is still for the couple to come out of the divorce roughly equal. Dealing with debt might involve selling the family home or another asset to settle the debt. Even if one spouse agrees to take on part of a debt, if it is still in the name of the other spouse, that person will remain legally responsible for the debt until it is refinanced.

Tax implications are another consideration. The division of property may result in future capital gains taxes. A person's filing status changes after divorce. Parents need to decide who will get the dependent exemption, and there will also be taxes associated with alimony. Alimony payments may be tax deductible, but child support is not.

Children are expensive and continue to be so after divorce. One parent may owe child support to the other, and it may last until the child is 21 or even older.

These decisions can be difficult to negotiate, but a couple may want to try to do so outside of court if possible. They may be unhappy with the judge's decision, but it might not be possible to change it. Even if there is high conflict, a couple may be able to work through their issues with the help of their respective attorneys and a mediator.

No Comments

Leave a comment
Comment Information

How Can We Help ?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy