Kajko, Weisman & Colasanti, LLP

March 2018 Archives

Ways to keep your assets safe from a divorce

Do you fear that a divorce may end up taking away a piece of land or a vehicle you love and cherish, or deplete you of much of your financial capital? While some couples may have this concern, even Massachusetts couples who do not even think divorce is a remote possibility have avenues available to protect their assets before a separation actually does occur.  

Can alimony be deducted on your taxes?

If you are someone who has recently undergone a divorce in Massachusetts and are required to pay alimony under a divorce settlement, one of the important questions you may have is whether you can deduct your alimony payments on your taxes. According to Findlaw, the answer is yes. Alimony can be deducted on the payer’s taxes because the other spouse receives the money as income. However, the payments you deduct on your tax form must actually qualify as alimony, as not all payments involved in a divorce actually can be counted as alimony or can be tax deducted.

What are the types of alimony?

If you are divorcing in Massachusetts, one thing you may need to think about is alimony. There are several different kinds of alimony and different reasons it is ordered. Understanding all these details can better enable you to strike the right alimony deal during your divorce negotiations. 

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