When my arranged marriage ended, my parents decided to set me up again. But finding love isn’t that easy…
Read more here.
Meg Ryan shares the ‘real gift’ that came out of her divorce
Meg Ryan is ready to get back into the Hollywood game.
The star of classic romantic comedies like “Sleepless in Seattle” and “When Harry Met Sally…” opened up to The New York Times Magazine in a wide-ranging interview about her divorce from Dennis Quaid, her engagement to rock legend John Mellencamp, her favorite romantic comedies and the new movie and television show she is working on after years out of the media spotlight.
Read more here.
Beck files for divorce from actress wife Marissa Ribisi after 14 years of marriage
Beck has filed for divorce from his wife Marissa Ribisi after 14 years of marriage, according to TMZ.
The publication reports that the Grammy-award winning musician filed the divorce petition in Los Angeles on Friday.
Beck, real name Bek David Campbell, 48, and Marissa, 44, were married for almost 15 years, and have a son Cosmo Henri, 14, and daughter Tuesday, 11, together.
Read more here
Jonathan Fields Delivers Well-Timed Talk on What Every Divorce Practitioner Should Know About Cryptocurrency
Attention all divorce lawyers, cryptocurrency isn’t going away! Call it a pyramid scheme or a fad, but the fact remains that many divorce attorney’s clients are already knee-deep in cryptocurrency investments. Cryptocurrency investment within a marriage can be anything from a hobby of one partner, to a project shared by both partners to a secretive endeavor that can in the worst cases be used to hide money. There are so many issues to be tackled with cryptocurrency, from the purely financial ones – the difficulty of valuation for example – to the emotional and logistical (how can cryptocurrency be divided or cashed in? Can spouses even lay their hands on the passwords?) With the huge growth of cryptocurrency over the last year or two, Jonathan Fields delivered an extremely well-timed talk at the Virginia Chapter of the American Academy of Matrimonial Lawyers’ Annual Conference, entitled “Cryptocurrency: What Every Divorce Practitioner Should Know.”
A Spouse’s Bad Conduct and its Impact on Property Division in a Massachusetts Divorce
By Jonathan Fields, Esq.
One of the most frequent questions clients ask divorce attorneys is whether a spouse’s bad conduct will impact the financial settlement in a divorce. This article explores the Massachusetts law in this area.
The Massachusetts property division statute, G.L. c.208 s.34, requires courts to examine multiple factors in determining the division of the marital estate upon divorce. The statute articulates mandatory and non-mandatory considerations. Practically speaking, the length of the marriage may be the most important consideration upon which all further analyses depends.[1] The relative economic and non-economic contributions of the parties (paradoxically, a non-mandatory consideration under the statute) has been elevated by the case law to be the “touchstone of an equitable division of the marital estate.” Moriarty v. Stone, 41 Mass. App. Ct. 151, 157 (1996). The character of an asset (whether it was inherited and/or premarital) is another prominent consideration. Rice v. Rice, 372 Mass. 398 (1977).
The statute also includes, as a mandatory consideration, “the conduct of the parties during the marriage.” On the far end of the spectrum of conduct affecting a property division is a case in which the wife solicited the husband’s murder. The trial court awarded the husband 90% of the marital estate and the Appeals Court upheld the division. Wolcott v. Wolcott, 78 Mass. App. Ct. 539 (2011).
Obviously, conduct less egregious than that in Wolcott can also form the basis of a disparate division. Johnson v. Johnson, 22 Mass. App. Ct. 955, 956 (1986) (judge properly considered “husband’s abusive conduct, both physical and mental”); Bacon v. Bacon, 26 Mass. App. Ct. 117, 120 (1988) (judgment affirmed where judge considered fact that “[a]t times, early in the marriage, the husband was abusive to the wife”).
[1] As a leading article describing the theory underlying the enactment of G.L. c.208 s.34 in 1974 puts it, the “length of the marriage is a critical consideration in assignment of property. The equities of assigning to one party a portion of the other’s estate are clearly diminished where the marriage is only of brief duration …” Inker, Walsh and Perocchi, Alimony and the Assignment of Property, X Suffolk Univ.Law.Rev 1 (1975).
Read full article here.
Alimony and the TCJA: Common Misconceptions
Jonathan Fields article, “Alimony and the TCJA: Common Misconceptions,” was published today in Massachusetts Lawyers Weekly.
Read it here.
Filing Taxes During Divorce: Joint or Separate Returns?
By Jonathan Fields, Esq.
Couples in the midst of divorce often face difficult decisions regarding taxes. One of them is whether to file a tax return as “married filing jointly” or “married filing separately.” This article briefly examines the factors to consider in making what could prove a critical choice during a divorce.
I. Eligibility to File a Joint Return
First, the basics – a taxpayer’s marital status for the entire year is determined as of December 31. A taxpayer who is married (or divorced) on that date is treated as if he or she were married (or single) all year long. The IRS looks to state law to determine marital status. So, in Massachusetts, after the court approves your agreement, there is a 90-day or 120-day waiting period until the divorce is final – for the IRS, that’s the date that counts.
II. Considerations in Filing a Joint Return
Assuming a divorcing taxpayer has the option to file jointly – there are several considerations.
a. Does it Lower your Tax Burden?
In most cases, the couple will have a lower overall tax burden if they file jointly rather than separately but this, of course, will vary case to case. Filing separately generally becomes costlier overall as the disparity in incomes increase. In any event, this decision should be made with input from a qualified accountant.
b. Alimony
A critical economic consideration concerns the deductibility of any alimony payments made during the tax year. If a couple files a joint return, the IRS does not permit alimony paid to be deducted from a payor’s gross income.
c. Joint and Several Liability
The filing of a joint return subjects both filers to joint and several liability for all taxes, interest, and penalties due in connection with the return — regardless of each spouse’s share of the taxable income. The IRS may attempt to collect all or any of the balance due from either spouse, even if your divorce agreement says otherwise. A spouse who believes the other spouse has understated income may wish to file a separate return, even if it results in a higher tax liability – because a spouse filing a separate return is not responsible for the tax liabilities of the other spouse.
d. Amending Returns
Another consideration is the limited ability to amend a jointly filed return. Once filed, a taxpayer cannot amend his/her filing status after the April 15th deadline. Conversely, a separate return can be amended to a joint return at any time up to three years from the original April 15th deadline.
III. Conclusion
Individuals going through a divorce must carefully consider the ramifications of their tax filing status. The consequence of the wrong choice might be serious – making it critical to get input from an accountant and divorce attorney prior to filing.
Selling the Marital Home During Divorce
By Jonathan Fields, Esq.
The transfer of property between spouses and ex-spouses pursuant to a divorce generally is not considered a taxable event per §1041 of the Internal Revenue Code. See here for more information. So, you and your spouse can generally divide a retirement or brokerage account without tax consequences. The marital home, however, is a different story.
Under IRC §121, if you have a capital gain from the sale of your principal residence, you may qualify to exclude up to $250,000 of that gain from your income or up to $500,000 of that gain if you file a joint return with your spouse. The following “ownership and use” rules apply:
-
- During the 5-year period ending on the date of the sale or exchange, the residence must have been owned by either spouse and used by both spouses as their principal residence for periods aggregating 2 years or more.
-
- An individual shall be treated as using property as such individual’s principal residence during any period of ownership while such individual’s spouse or former spouse is granted use of the property under a divorce or separation instrument.
-
- The exclusion can only be applied to one residence every two years.
In cases of divorce, taxpayers can benefit from both the ownership and use periods of former spouses to satisfy the requirements. If a taxpayer receives a home as part of a divorce property settlement, the taxpayer’s ownership period will include the time the spouse or former spouse owned the home. In addition, a taxpayer is treated as having used the home as a principal residence during the time the taxpayer owned the residence and the taxpayer’s spouse or former spouse was permitted to use it—under a decree of divorce or separation—as a principal residence.
A caveat that recurs with frequency in our practice: the exclusion does not apply to the extent it is used as a non-residence – i.e. a home office. Therefore, if the house is sold at a $250,000 gain but the taxpayer has taken $100,000 in depreciation deductions for home office use, then only $150,000 is eligible for the exclusion ($250,000 in realized gain less $100,000 depreciation).
Vicki Shemin’s Groundbreaking Research: “Letters to Ex-Spouses:…And I Just Wanted You To Know.”
“My partner, Vicki Shemin, has been working on a groundbreaking research project entitled “Letters to Ex-Spouses:…And I Just Wanted You To Know.” If you’re divorced (or know someone who is), please pass along this link: www.surveymonkey.com/s/XC89FQ9 Your confidential participation is greatly appreciated!”
Cohabitation After Divorce: Reasons You Need a Co-Tenancy Agreement
Vicki Shemin wrote a new article about cohabitation and why partners should consider a co-tenancy agreement.
Cohabitation after divorce seems like a great alternative to remarriage, but it’s still important to take steps to protect yourself.
At the final court hearing in a divorce case, the judge generally pronounces that the divorce agreement is fair and reasonable and then s/he blesses it with an official imprimatur.
In the next sentence, more times than not, I have heard judges then say, “You can remarry in 90 days.” Invariably, the divorcing couple responds with an eye roll as if to say, “That’s the last thing on our minds!”
But, fast forward two years down the road. Time heals a lot of wounds and you may find that you are in a meaningful relationship that lies somewhere between not being ready for remarriage but ready to commit to the relationship.
Read more here.
- « Previous Page
- 1
- 2
- 3
- 4
- 5
- …
- 12
- Next Page »