Tag Archives: alimony

Alimony is money paid by one spouse to the other after a divorce. Today, it is often referred to as “spousal support.”  In most states, permanent spousal support is usually awarded only when one spouse has been economically dependent on the other spouse for most of a long marriage. Alimony laws in most states still allow for permanent awards, though former spouses can generally seek to modify the terms in court. In 2011, Massachusetts eliminated permanent alimony arrangements, and Florida …

More older Americans are getting divorced, and as a result more people are faced with dividing up retirement accounts at the end of a marriage.   Special Financial Issues People are living longer and social mores about divorce have relaxed, says Bari Weinberger, a family lawyer with the Weinberger Law Group in Parsippany, N.J. That has resulted in more older people seeking divorces. She adds that more women are exiting their marriages after their children are grown because they feel …

After the close of another year, income taxes of course come to mind. While it’s clear we have to pay tax on our income, there are plenty of provisions in the tax code that require federal taxes to be paid on things you may not normally think of. As you’re gathering your forms and preparing to submit your returns, consider the following checklist of surprises, groaners, and ironies.   Unemployment Benefits It’s ironic but true – you have to pay …

You lose a spouse in divorce, and you also stand to lose custody of children as well as property and possessions. But did you know you can also lose your health insurance? It’s an aspect of divorce that is often overlooked. And according to a study released in November by researchers at the University of Michigan, loss of health insurance via divorce is happening to more and more women.   Growing Problem for Middle Class About 115,000 American women lose …

Former football star Warren Sapp is seeking a reduction of the $2,500 per month he shells out in child support for one of his children. Sapp, who made over $82 million in his career as a defensive lineman for the Tampa Bay Buccaneers and Oakland Raiders, declared bankruptcy earlier this year in Florida and is crying poor to try to get his payment reduced. However, there’s a fly in the ointment: Sapp signed a 2001 support agreement with Angela Sanders, …