Massachusetts couples who have made the difficult decision to part ways may feel the road ahead seems daunting. Typically, the divorce process requires a certain amount of time, effort and stamina (and sometimes a great deal of all three), which can take a significant toll on the people involved -- emotionally, financially and even physically. People who are planning to get a divorce can help to reduce the impact on themselves and perhaps even achieve a positive outcome by taking steps to organize the necessary paperwork now.
Most people, married or not, are familiar with the concept of a prenuptial agreement (or prenup). More and more couples in Massachusetts and elsewhere are choosing to prepare this type of legally-binding contract prior to their marriage in order to ensure a fair distribution of assets in the event the union ends in divorce. However, some couples may consider preparing a postnuptial (or postnup), a similar type of contract but one that is prepared during the marriage, often because of a change in circumstances that involves finance, such as buying into a business, starting a family or investing in real estate.
The dissolution of a marriage in Massachusetts can no doubt take a toll on individuals both financially and emotionally. The financial aspect of the divorce process can especially be challenging to navigate for those who have a large amount of assets to distribute. However, a financial analyst may help to make the property division process more palatable from the start.
Most children find dealing with changes very difficult. So, when couples in Massachusetts make the decision to divorce, telling their children must be done in a way that is not only age-appropriate, but which is in keeping with their best interests, including their emotional well-being. Children younger than three years of age may not understand what's happening, but older kids will recognize and understand the changes that are happening.
When couples get married, they stand next to each other with every intention that they will be together for the rest of their lives. So, when Massachusetts couples find themselves in the throes of divorce, there might be some emotions that are running at high speed and that could include anger and hurt. Those volatile emotions could cause what experts term a high conflict or malignant divorce.
As of 2015, one in four people ending a marriage in the United States was 50 years old or above. Retirement-aged Americans may find themselves in a situation where a divorce is the best option for their future. In some cases, older couples in Massachusetts have an easier time parting ways, as children are already grown and shared wealth is enough to set both parties up for the future. In other cases, physical health, heavily intertwined finances and psychological impacts can make "gray divorce" a uniquely challenging path to walk.
Close to 45 million Americans have student loan debt, some of whom will go through a marital break-up before it is paid off. For Massachusetts individuals considering their debts and assets as part of a divorce, student debt can raise property division questions. Is the loan jointly held if it was taken out during the marriage? Can a spouse be held accountable for previous promises to help with the debt? The answers to these questions depend, in large part, on what state you are in and the type of loan involved.
Ending a marriage is undoubtedly difficult on the couple in question, but it can also have a strong impact on family and close friends. While it can be tempting to offer advice or dig into Massachusetts family law research right away, it may be better for friends to provide moral support and avoid getting too close to the particulars of a breakup. Here are some pieces of advice for those looking to support a friend going through a divorce.
Dissolving a marriage in Massachusetts can no doubt have emotional, mental and physical consequences. Still, the divorce process can especially be devastating from a financial standpoint. Here are some financial aspects of divorce that are sometimes overlooked initially but can have negative repercussions if not addressed appropriately.
Couples divorcing this and last will find themselves in a different taxation situation, thanks to changes to the Internal Revenue Code. The changes impact couples whose divorces were signed after Dec. 31, 2018. This means that Massachusetts couples who divorced in 2019 and beyond will have some different circumstances to work through regarding spousal support and other issues.