Will Bonuses Be Considered When Calculating Income?
Calculating the income of both spouses is part of every divorce. Income figures are important considering factors for the division of marital property, the ordering of alimony, and the calculation of child support. Typically, bonuses will be considered income in a divorce. Yearly or other regularly occurring bonuses may be included in full in income calculations. Irregular bonuses, however, may only be included in part in income calculations. Because bonuses may vary quite a bit from year to year, they are generally not an easy form of income to incorporate into your divorce calculations. Nevertheless, they will come into play in many financial components of your divorce and must be calculated accurately.
In ordering alimony and dividing the marital estate, the judge will consider the income of both spouses.
Massachusetts child support guidelines state that any form of income, taxable or not, must be included when calculating child support. To calculate your weekly, you will need to determine the portion of the bonus you will include and divide it to come to a weekly figure. If your bonuses were included in your income when calculating child support or alimony, but you no longer receive bonuses, you may be able to modify your support orders if the change in income was significant enough. As with any other financial claim, you would need to provide proof that the bonus is non-continuing. If you are going through a divorce and have questions about how your or your spouse’s income will be calculated, consult with an experienced Massachusetts divorce mediator. Non-traditional sources of income such as bonuses, commissions, self-employment income, and interest earnings all need to be considered when calculating income. A skilled divorce mediator will assist you with accurately calculating income in your divorce, taking into account the amount, regularity, and stability of all sources. It is important to keep in mind that the court’s consideration of income may vary from jurisdiction to jurisdiction and judge to judge. Speaking with an experienced divorce mediator about your income calculations will give you a better idea of how your income calculation will turn out in your particular case.
If you have questions or concerns about calculating income for divorce purposes, Mediation Advantage Services can assist you. Experienced in divorce mediation, Polly A. Tatum can help you accurately calculate income for property division and support order purposes. Based in historic Worcester, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson. Call our office at (508) 795-1557, fill out our online form, or email us at [email protected] today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free guide for more information regarding divorce in Massachusetts.