Many divorced Massachusetts residents would agree that the process of dissolving a union is emotionally draining and sometimes complicated. However, separating couples who also have minor children together face some unique challenges. In addition to all other facets of divorce, they must also negotiate details around living arrangements, separate parenting time and financial support. Typically, one parent will be required to pay child support to the other so that both parents contribute to maintaining the child's standard of living.
Couples who have decided to part ways often face multiple challenges as they move through the process of dissolving their union. In addition to the emotional toll, each party must make potentially life-altering decisions about various aspects of their lives, including children, living arrangements, property division and finances. Massachusetts couples going through a divorce who own and operate a family business together face yet another area in which difficult decisions must be made.
Most Massachusetts couples who are about to begin or are already involved in the process of separating likely know they have a challenging path ahead of them before they see the end of their marriage. As divorce is often a process that is already fraught with tension and can be costly, they are smart to become as informed as possible in advance of any issues that may arise. Several experts offer advice to help divorcing individuals avoid potential pitfalls along the way.
Divorcing Massachusetts couples know they will need to make a number of significant decisions on the way to dissolving their union, including division of assets between the two parties. When asked by their attorney to list all assets, most people will easily remember to include the marital home, investments, bank accounts and the like. However, the divorce process is typically an emotional and difficult time; therefore, some assets that hold monetary or sentimental value may be easily forgotten.
What happens to the family home when an unmarried couple decides to end the relationship? Many Massachusetts residents likely know the basic options regarding property division available to a separating couple who has been legally married. However, with an increasing number of couples living together without being married, and many of those owning a home together, the question of property division in the event of a split is important for many to address.
By now, many Massachusetts residents know about the new tax rules regarding alimony due to kick in as the clock strikes midnight New Years Eve. For decades, alimony payments have been tax deductible for the payer and taxable income for the payee. Many people considering divorce or in the process have known for some time that this situation will change as of Jan. 1, 2019, resulting in a rush, in some cases, to get a final settlement in place before the deadline. However, an expert says that divorcing couples who miss the deadline should consider other areas of tax law that are changing as of the new year.
Ending a marriage is rarely easy, no matter how many years a couple has been together. The divorce process means many difficult decisions must be made, not to mention the emotional fallout that most people go through during this time and typically for some time following the final divorce decree. Many divorced people in Massachusetts and elsewhere feel overwhelmed with having to adjust to all the changes in their lives, and this is never truer than during the holiday season. Divorcing or recently divorced individuals may find some comfort from the following tips for making it through the holidays.
Couples who decide to separate have many different topic areas to discuss and, hopefully, agree upon: division of property, child custody, support agreements, living arrangements and more. When divorcing parents are working out details involving their children, one area they may leave out is who pays for a child's college education. However, experts say that parents in Massachusetts and elsewhere should include the answer to this question in their divorce decree, no matter the child's age.
When a Massachusetts couple is planning their wedding, romance is in the air. Typically, much planning takes place for a beautiful, meaningful ceremony often followed by a celebration with family and friends. However, since divorce is relatively common, couples would be wise to also consider a prenuptial agreement in their marriage planning process.
Finances can be a top contention between married couples. Often, arguing about how to properly handle their money, some couples have come to an agreement to allow one or the other to handle the family finances to avoid arguments. As the divorce rate has doubled in the last couple decades for people over 50, there has been an influx of women coming to terms with surprising financial revelations after years of being left relatively in the dark during the financial planning. Many divorcees would advise Massachusetts women to become more involved in the family finances early in a marriage to avoid unexpected economic repercussions.