How to Protect Yourself Financially During Alimony Negotiations
Monthly payments can seem like the whole story during a divorce. However, focusing only on one monthly amount causes expensive mistakes. Alimony decisions affect your finances for years, often in ways that aren’t obvious at first. Factors to Consider During Alimony Negotiations Here are a few things to consider when looking for a favorable outcome […]
What Are the Grounds for Changing Alimony in Michigan?
Alimony, or “spousal support,” can significantly impact spouses after they divorce. For the spouse receiving alimony, this financial support can be essential to establishing independence. However, the spouse ordered to pay alimony can feel burdened, as if the order is a weight tying them to a past they are trying to move forward from. Alimony […]
Alimony vs. Child Support: What’s the Difference?
There are many challenges associated with going through a divorce. First and foremost, there’s an emotional toll when you separate from a romantic partner and realize the life and future you planned together is over. Trying to create stability and stay strong for children can make this process even more difficult. In addition, you may […]
Alimony vs. Property Settlement: Is There a Difference?
Navigating the legal aspects of a divorce can be both overwhelming and confusing, especially since going through a divorce is often an emotionally challenging experience. However, you have to think clearly and make financial decisions that will impact your quality of life for years to come. One important distinction is the difference between alimony and […]
Lump-Sum Support vs. Regular Alimony Payments: Determining What’s Right for You
If you’re going through a divorce, you might have to choose between regular alimony payments or a lump-sum amount. Your choice can have a long-term impact on your finances, so it’s important to know the differences before you make a decision. Understanding Alimony Payment Options Married couples don’t always play an equal role in supporting […]
What Is Dissipation of Assets in a Divorce?
In the event of a divorce, the involved parties need to comb through their assets to find out how to become whole. If anything is owed to either individual, it must be determined during the divorce so the judge can issue a mandate. Once issued, both parties must comply. Unfortunately, not everyone wants to divide […]
How Long Should You Expect to Pay Alimony in Michigan?
You may not like the prospect of paying child support following your divorce. However, most Michigan parents accept that they must financially support their children until they become adults. What is more contentious is alimony, sometimes referred to as spousal support. If you are ordered to pay spousal support, this amount would be on top […]
Tax Season 2022: Are My Alimony Payments Tax-Deductible?
If you have recently gone through a divorce and are making alimony payments to your ex-spouse, you may wonder if your payments are tax-deductible. The answer is: it depends. Changes to taxes brought by the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated the deduction for alimony payments for divorces and legal separations obtained […]
How Is Alimony Calculated in Michigan?
The average cost of divorce is nearly $13,000. For most people, that’s a staggering amount. If your divorce has put you in a financial bind, you may wonder how you will make ends meet. Fortunately, in Michigan, either spouse can submit a request for alimony—as long as the situation meets these requirements: The requesting spouse […]