The simple answer is YES! Alimony is always reviewable based upon a substantial change in either party’s financial circumstances. However, in general terms, we usually see the payor spouse (the one paying the alimony) file these applications. As an example, if the payor spouse loses his/her job or suddenly becomes seriously ill, then that spouse may file an application with the Court to review his/her support obligation. View Full Post
New Limitations on Deductions for Interest Payments May Impact Many Family Businesses The new Tax Cuts and Jobs Act limits the ability of many businesses to deduct interest payments. Under prior law, any interest expense was generally deductible. Now, many businesses are prohibited from deducting any interest expense that exceeds 30 percent of adjusted taxable income. View Full Post
Once a court determines that a spouse is eligible to receive maintenance in a divorce case, it must then analyze all relevant factors to determine the nature, amount, duration, and manner of the periodic payments. One of those factors includes the spouse’s ability to provide for his or her “minimum reasonable needs” independently, considering his or her financial resources. View Full Post
Vacationing with the Kids: Are You (Really) Ready for Summer? With summer time right around the corner, many divorced and separated parents have questions about what summer parenting time (does the school year parenting time schedule change or stay the same?), vacations with the children (who gets to take the children on vacation and when?), and summer camp for the children (who enrolls and pays for summer camp or daycare?). View Full Post