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.
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.
As any separated Massachusetts couple knows, typically, both parties are exhausted, emotionally, physically and sometimes financially, by the time their union is legally dissolved. Most people who have endured the divorce process probably felt that the final divorce decree spelled the end. However, in truth, divorced individuals need to be aware of the tasks they still need to deal with post-divorce.
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.