Most Massachusetts couples ending their marriage must endure the process of dividing marital assets, and these typically include property, bank accounts, vehicles, etc. However, some people also have a business to consider during divorce negotiations, which can provide extra challenges. If one or both parties started a business prior to the marriage, they are wise to craft a prenuptial agreement in the event the union dissolves. Without such a document, the business will likely be deemed marital property, and in that case, the court will decide how it is distributed -- unless, of course, the parties can come to an agreement between themselves.
All drivers have the potential to become involved in an accident at some point while they are out and about in their vehicles, whether through their own fault or someone else. However, while some drivers' immediate reaction would be to stop and render aid or at least to contact emergency services, others may respond by fleeing the scene. Recently, a Massachusetts driver who hit a pedestrian and caused a fatal personal injury provided an example of the latter.
Many Massachusetts couples likely maintain separate bank accounts with the assumption that in the event their marriage ends, each person can walk away with his or her own money. According to researchers, the percentage of married couples opting to keep their finances separate has more than doubled in recent years. However, experts warn that married people who assume that this practice will protect their assets in the event of divorce may encounter an unwelcome surprise if they actually find themselves in the position of dissolving their union.
Aside from suffering emotionally, many Massachusetts couples who are ending their legal union will also experience a difference in their financial status, as one household becomes two. In addition to having only one income to support themselves on a daily basis, many people find that divorce has significantly affected their retirement savings plan. However, to help ease the process of achieving financial independence, divorcing couples can benefit from the following advice.
Married people who have decided to go their separate ways often experience some distress during the ensuing legal process over the loss of control of many aspects of their life. Typically, people going through a divorce must negotiate living arrangements, child custody and visitation schedules, financial obligations and, in some cases, much more. However, divorcing Massachusetts couples can take specific action in some areas of their lives to increase the chances of a positive outcome, and one of these areas is credit and how it is affected during and following the divorce.