Levitt Family Law & Mediation can assist you with all alimony legal issues as the payor or recipient of alimony.
What is Alimony?
When a married couple separates or divorces, one spouse may have to pay spousal support, or alimony, to the other spouse. Alimony is largely based on the need of the recipient spouse, and the ability of the payor spouse to contribute financially to those needs. However, other factors that are considered when determining the amount of alimony to be paid, if any, include the length of the marriage, the income of each party, and the contribution of each party to the marriage.
The Massachusetts Alimony Reform Law which became effective March 1, 2012, gives some further definition to the amount and length of time alimony is payable, and also addresses other issues such as the relationship of child support to alimony, and the effect of cohabitation on alimony.
In a case where alimony is an issue, the use of a financial professional who can work with the family law attorney and the client or the parties in mediation can be an invaluable resource. A financial professional can help to determine the tax consequences of alimony in order to maximize the tax benefits and minimize the tax consequences, or help calculate the value of an alimony buyout.