Going through a divorce can naturally disrupt the financial plans of just about anyone in these circumstances. This means that these individuals must also make adjustments to their retirement plans, especially if they are drawing closer to their retirement years. Here are some tips for restarting the retirement planning process after a divorce in Massachusetts.
Massachusetts residents who have experienced a marital split know that for most couples, one of the most significant consequences for one or both spouses is the financial fallout, which sometimes can be devastating. Several factors can contribute: division of assets, child and/or spousal support obligations, reduction of household income and the cost of the divorce itself. To minimize the damage regarding investments, individuals who are going through a divorce or about to begin the process can arm themselves with financial knowledge.
With more older couples than ever before deciding to part ways, many Massachusetts residents may find themselves facing their golden years with less money than they expected. Typically, couples who divorce earlier in life split any retirement funds they've accrued while married, but at least they have many more years of earning potential ahead. Couples who divorce mid to late career, on the other hand, may have to make some adjustments to their plans.
The divorce process can be difficult, but when the divorce decree is finally granted, many individuals still encounter challenging situations, sometimes for years to come. Many Massachusetts parents who have been through divorce know that they tend to face even more obstacles as they attempt to navigate the intricacies of co-parenting their child(ren), and when ex-partners have a less than amicable relationship, the parenting years can be particularly difficult. However, an expert offers some tips to help insure children enjoy happy, healthy childhoods regardless of their parents' relationship.
It goes without saying that ending a marriage is rarely easy. But, according to statistics, nearly half of all marriages in the United States will end in divorce. In some cases, separation is mutual. In other cases, however, it can come as a complete surprise. Here are a few tips to help individuals in Massachusetts cope with a divorce.
No one really wants to endure the emotional pain and stress involved in ending a marriage, not to mention the financial strain. However, for some couples, divorce is the best option. Even people who know this for a fact may put off making the first move because they are influenced by some of the common myths about divorce. Here are the facts around some of the common misconceptions about separation and divorce.
Many Massachusetts couples who have made the decision to end their legal union face some time ahead, sometimes months or even years, negotiating asset division. When it comes time to decide on a fair and equitable division of salary in a divorce situation, those people whose earnings are structured as straight salary often find this process fairly straightforward. However, people whose salary is structured differently -- for example, including commissions, bonuses and/or perks -- may find this stage of the negotiation a bit more challenging. Divorcing people who know how each type of income is treated and understand the significance of strategically timing the divorce filing will likely fair better financially in the end.
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.
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.
Any Massachusetts couple in the midst of legally ending their marriage would likely agree that all aspects of the process are unpleasant, at best. However, for many divorcing couples, spousal support (also called alimony) tends to be one of the more challenging steps in the divorce process. Therefore, to assist divorcing individuals in successfully negotiating this type of support, industry experts offer some tips.