Posts Tagged Alimony

I make my living as an artist. Does my spouse have a fifty percent share in rights to my works and the income they produce?

Yes and no.

Yes, in the sense that artistic works, along with patents, trade secrets, and many other “intangible” properties, constitute intellectual property. And intellectual property, in Massachusetts, is marital property.

No, in that Massachusetts does not assume “equal” (fifty-fifty) distribution of property between partners at the dissolution of a marriage, but rather “equitable.” Intellectual property falls under the requirement for equitable distribution.

In dividing something intangible, such as the rights to artistic works, Massachusetts family judges will, as with other forms of property, assess the relative contribution of partners to the marriage financially, emotionally, and logistically. Intellectual property has two sorts of value to be divided. The first is the rights to income from future royalties on a work or idea. Second, the present monetary value of a work or idea.

For creators or inventors, it may be wise to include provisions in a prenuptial agreement to protect your … Read More »



Wait–what do you mean I can’t deduct alimony on my federal taxes?

Alimony is a series of monetary payments to an ex-spouse that may be mandated as part of a divorce decree. Paying alimony can be an expensive and painful process—and it is about to get much more painful, thanks to changes to the federal tax code.

At present, those paying alimony may deduct the payments on their federal taxes, while recipients must report them as income. However, the Tax Cuts and Jobs Act (TCJA) reverses this. Beginning in 2019, alimony payments may not be deducted from the paying party’s federal income taxes. However, alimony payment recipients will no longer have to report them as taxable income.

If your divorce has been finalized, or will be finalized before December 31, 2018, you need fear not. The TCJA only applies to divorces finalized beginning on January 1, 2019, or to divorce agreements renegotiated on that date or later.

If you are currently considering, … Read More »