With Divorce rates for Boomers (those born between the years of 1946 and 1964) on a steady increase, there is a need for unique issues, priorities and choices to be included within your divorce agreement.The wording of the agreement is likely to have significant consequences not only for you but for “extended family” and life long friends. Will alimony be part of the agreement?
If neither party has reached social security age full retirement, the court will definitely be looking for language about alimony. What is the consideration process?
1. Definition- Generally speaking, alimony is a temporary payment from one spouse to the other for a period of time to help one spouse meet their reasonable needs. There are new tax laws associated with it which affect agreements not in place by December 31, 2018.
2. The person requesting alimony must show that reasonable expenses cannot be met without it.
3. Then the focus is on the party being asked to pay to see if there is available income after meeting reasonable expenses.
4. If a need is shown and there is money available, then the party may request that the need be met in whole or in part EXCEPT
The alimony reform law speaks to presumptive caps for amounts and duration:
A. The maximum to be paid is 30-35% of the difference in the gross income of the parties.
B The duration is based on a certain percentage of the length of the marriage and or service of the summons if litigated and the date the payor is eligible for full social security benefits.
Further consideration is made if the first $250K of combined income is used for child support which may cause (for a period of time) that alimony is deemed not appropriate or should be reduced. See different practices if recipient earns little or no income.
As the saying goes "its complicated" especially if one or both is or will be soon in the payout phase of pensions or retirement accounts.
Contact a Divorce Mediation Attorney at Baron Law & Mediation, LLP of North Andover
Are you looking for professional and experienced divorce mediation attorneys in Lawrence, Methuen, Andover, Haverhill, Middleton, and other areas in the North Shore and Merrimack Valley? If so, contact Baron Law & Mediation, LLP today. We offer flexible times and our office is located conveniently in North Andover. Baron Law & Mediation is also unique in having a male - female team to help you and your spouse mediate your divorce as smoothly as possible. That also means by paying the price for one attorney/mediator, you will get the help of two. Contact us at 978.674.8530 for your initial consult.
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