alimony

Fair Settlement or Financial Fraud? Know the Signs

July 1, 2022 | Kearns Rotolo Law

Whether negotiating a divorce settlement in your lawyer’s office or going through divorce proceedings in court, arriving at a fair financial arrangement can be difficult. That’s largely because there are so many variables to consider when putting a value on what each spouse contributed to the marriage, which can lead to conflicting opinions as to what each spouse is entitled to.

Still there is a difference between feeling you were treated unfairly in your divorce and being a victim of financial fraud. How can you tell? A recent article in Forbes, “Red Flags of Financial Fraud in Divorce – And What To Do About Them,” highlights signs to watch for and what you can do to protect your interests.

The ABCs of Spousal Support

May 1, 2019 | Kearns Rotolo Law

Spousal support, or alimony, is intended to make sure one spouse – usually the non-working or lower-earning spouse – is not unfairly impacted financially as a result of divorce. Although it is an important part of the divorce terms, spousal support generally is not decided until late in the divorce proceedings after other matters, such as the distribution of property and assets, have been settled. How much support is awarded, if any, and the terms of payment are determined according to the specific divorce laws of each state.

Spousal support is one of the conditions of divorce that can be modified after the court ruling if circumstances warrant, and can even be terminated early under certain conditions. For a better understanding of the unique considerations that influence spousal support, read “Determining And Collecting Spousal Support in Divorce.”

New Tax Laws Expected to Complicate Divorce Negotiations

March 1, 2018 | Kearns Rotolo Law

Spousal support, or alimony, often can be a point of contention in divorce negotiations. Now, with the recent changes to the tax code, negotiating these agreements may get more complicated.

Presently, spouses who pay alimony can deduct these payments on their income taxes while those who receive such payments are required to report them as income – all that changes at the end of this year however. According to the new tax code, in divorces settled after this December 31 alimony payments will no longer be deductible nor reportable as income on annual tax returns. Currently, there is much speculation regarding who will truly benefit from this tax change – the payer or the recipient – and what effect, if any, the change will have on divorce filings this year. To learn more, read “Alimony tax changes may scorch divorcing couples.”

Discussing Your Divorce on Social Media Often Backfires

April 3, 2017 | Kearns Rotolo Law

Many people today use social media to engage with family and friends, especially those they don’t get to see on a regular basis. These platforms provide an easy means for publicly sharing accomplishments and milestones, or passing along amusing or entertaining stories. Problems can arise, however, when people share information of a more private nature, like their divorce.

Divorce is an emotional process. It isn’t unusual for people going through divorce to seek support or sympathy, but using a public venue like social media to solicit that support can backfire in a big way. So can carelessly posting about your social activities during this process. To learn about the dangers of discussing your divorce in social media or posting about your social engagements without censorship, read “3 Social Media Mistakes Divorcing Couples Make Every Time.”