For many divorcing Massachusetts couples, the most stressful part of the end of a marriage isn’t necessarily the emotional aspects, but rather, the financial ones. Divorce brings with it a number of financial matters that may, at first, seem overwhelming. However, with the guidance of a legal professional, these seemingly insurmountable issues are not just manageable — they’re the first step for many toward realizing a more positive future post-divorce.
The first issue to consider tackling is property division and asset distribution. Couples will want to identify which items are considered marital property — and thus, subject to equitable division — and which are separately owned assets. Another aspect to address is alimony, or spousal support, which is more common in marriages where one spouse earned an income significantly higher than the other.
Spousal support — when the lower-earning ex-spouse receives payments designed to help that party become self-reliant financially — is a completely separate issue from child support. Child support payments are meant to help cover essentials, including shelter, food and clothing for the children. The calculation of child-support is quite complicated and likely best done with the help of a experienced Massachusetts family law attorney, who will be familiar with state regulations and can help formulate an accurate estimate.
When it comes to children, there is an additional financial aspect to consider as well, that of extra expenses such as the children’s education, health insurance, extracurricular activities and more. Since these are not included in the basic child support payment calculations, parents will want to address these issues with their divorce attorneys to insure the expenses are accounted for. Though many of these financial issues of divorce may initially seem confusing and impossible to navigate, with the knowledgeable legal guidance of a seasoned divorce lawyer, they don’t have to be.
Source: newsmax.com, “4 Financial Musts When Planning Divorce“, Jacqueline Newman, Oct. 19, 2017