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alimony/spousal support Archives

When can I modify my spousal support?

Surging or exploding stock portfolios can have a huge impact on your financial outlook. During a boom, you may feel your pockets swelling. And when the markets bust, they can leave you feeling hollowed out. But can any of these changes to your assets lead to changes in your spousal support?

Spousal support and divorce in 2019

There has been a change to the United States tax system with the implementation of the Tax Cuts and Jobs Act (TCJA). This law resulted in major tax reform. The TCJA essentially doubled the standardized deduction rate and gave business owners new rules to follow when filing returns.

Divorce in 2019: One key change that could impact negotiations

Anyone considering a divorce or in the early phases of the divorce process will likely finalize the divorce in 2019. The date of the final divorce agreement is important as it will determine which tax laws apply. Those that finalize their divorce in 2019 will likely be subject to the new tax regime.  

Bill could change how spousal support payments are taxed

There may be numerous crucial aspects to address during the end of a marriage, one of which being whether spousal support payments will be required. Addressing this aspect could be crucial, as these payments can have a substantial impact on one's taxes. However, the laws regulating how support payments are taxed may change if a proposed tax reform bill in the U.S. Congress becomes law. Individuals who are considering divorce may find it advisable to speak with a family law attorney in Michigan for guidance on how this might affect them.

Key factors for determining spousal support in divorce

There are numerous aspects involved in the process of divorce. Property division or child custody are often significant issues during this stressful life event, but there are other areas that may require attention. In Michigan and elsewhere, spousal support is a key aspect in many divorces and can potentially have a significant impact on the financial future of everyone involved.

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