From purchasing school supplies to paying for extracurricular activities to simply putting food on the table, there's no getting around it -- raising kids in Massachusetts is expensive. It can be difficult enough to transition from two incomes to one, but throwing children in the mix complicates matters even more. Child support exists to make sure that you have the financial means to continue providing for your children, and any changes to you or your ex's income may require a modification.
Financial surprises are rarely good news. Rather than waking up and learning that they have won the lottery, most people are met with unexpected money issues that will have a negative impact on their daily lives. Unfortunately, divorce can bring about many of these unwelcome surprises if Massachusetts divorcees -- particularly women -- are not prepared.
Student loan debt recently hit a national high, which probably comes as no surprise to millennials in Massachusetts. This generation has shouldered an enormous debt in order to obtain higher education and better jobs, and the effects of all that debt is showing up in an unusual place -- marriage. Millennials are changing the game when it comes to prenuptial agreements and helping erase some of the stigma surrounding these documents. Most frequently, they are using prenups to address property division in the event of a divorce.
With changes to tax law set to take hold in 2019, Massachusetts couples who are dragging their feet through the divorce process might want to quicken their pace. Spousal support and property division in particular will no longer be quite as financially beneficial as they were in the past. However, couples who finalize their divorce before the end of the year will not have to worry about the upcoming changes.
The idea of a family in which a father works and a mother stays home to raise children seems to be quickly becoming a thing of the past. Many Massachusetts households have two primary earners, with women's earnings sometimes outpacing their husbands. In these situations, the traditional idea of spousal support is often reversed.
Prenuptial agreements are nothing new, but ever-evolving technology seems to be changing how Massachusetts couples use these important documents. This may be especially true for younger couples who are more adept at engaging in online activities, particularly social media. Most people can minimize any potential distress caused by social media during a divorce by addressing its usage prior to saying "I do."
For many couples in Massachusetts, the decision to end the marriage can be torturous. It may be difficult to discern if the troubles they are going through are simply a rough patch or signals that the marriage has run its course. They may spend months or years in an unhappy marriage because they are afraid that filing for divorce would be a mistake. While there is no magic formula to help someone decide to stay put or move on to a new life, there are some factors to consider that may tip the scale one way or another.
If you are financially dependent on your spouse during your marriage, you could be especially nervous about what a divorce will mean for you and your financial future.
There can be many misconceptions about the process of divorce. Just as when a couple gets married, family members and friends offer free advice and counsel when a couple wants to end their marriage. However, not all of the words of wisdom are true. As in a military divorce, many Massachusetts couples are under the impression that there are different laws and procedures compared to a civilian divorce. On the contrary, there is little difference between the two.
Divorce can be messy for any Massachusetts couple. The splitting of property, child custody, spousal support, deciding who gets the dog, etc., are all areas that must be addressed during a divorce. Throw in a tax change after decades with the same tax law, and another wrench is thrown into the whole process. Under the new tax laws, alimony agreements may become tougher for couples seeking to divorce.