If you are 50 or older and facing divorce, you need to look at the financial impact this parting of the ways will have on your financial future.
Start by learning all you can about your current finances. Using this information as a starting point, work out a plan for ensuring that you will have enough money to live on in the years ahead.
Though couples do not usually get married planning to split up, for many couples, divorce becomes a reality. In such cases, having a plan in place for the dissolution of the marriage can be beneficial.
If a prenuptial agreement is not in place, a postnuptial agreement could be beneficial. There are a few things to understand about this type of agreement.
In a marriage, it is not uncommon for one partner to handle the majority of the finances. This leaves one spouse with little access or knowledge over what is actually going on with assets and bank accounts. This can be a problem when it comes time to divide property and funds during the divorce.
While you would hope that your former partner would be upfront about your financial worth as a couple, there are some situations where a spouse may hide assets. If you suspect this may be the case, a discovery process may be appropriate.
Thousands of Massachusetts residents have gone through a divorce. However, some cities have couples who appear to be more prone to divorce than others. The cities with the highest divorce rates in the state include North Adams, Newburyport and Pittsfield.
One of the most contentious issues that will come up in any divorce is the subject of alimony. More times than not, one spouse will have to pay the other a set amount of money, at least temporarily. If you are the party who has to pay out, then you need to be cautious and avoid the following mistakes.
Just because you get a divorce does not necessarily mean you completely end any type of relationship with your ex. In fact, you may end up co-parenting with your former spouse. You may need to navigate this new family dynamic that requires you to cooperate and put your children first before any resentment or anger towards the other parent.
Ending your marriage may be full of conflicts and negative emotions that make co-parenting seem nearly impossible. But as a dedicated parent, you can put your own feelings aside for your children's benefit. Here are some suggestions for having a successful co-parenting relationship.
Nearly every attorney may have a client who wants a prenuptial agreement. Surprisingly, clients with little or no valuable assets are eager to make a prenup because their friends say it is the right thing to do.
Prenuptial agreements, while trendy favorites in media circles, are not necessary or even useful for everyone. They are serious legal documents that can deeply affect many aspects of a marriage. A couple should not casually enter into these agreements without understanding the consequences.
Often divorce is associated with the start of a new beginning, but sometimes the court assigns alimony or spousal support for the give-and-take of marriage. The obligation of alimony may impede the feeling of a new beginning for some, but a new alimony law in Massachusetts may help those who divorce gain needed financial separation.
Before the Great Recession, the going philosophy was that the marital home was a prize to be won during the property division process of divorce. Today that philosophy no longer holds as much water as house prices have deflated. The consequence is that couples who go through divorce today try to avoid ownership of a marital home that has lost value. For some, the upkeep of the mortgage on the marital house after divorce poses as a stealth financial disaster.
Divorce is rarely an easy event. When a marriage breaks down, emotions can run high and spouses may engage in vindictive acts to try to make things problematic for the other spouse during the divorce. People should be aware of some of the more common tactics others use during divorce so they are not taken by surprise.
Years ago, when you and your spouse started what is now a lucrative family business, a parting of the ways may never have entered your mind—but things change.
Now that divorce is about to become a reality, what will happen to your business?
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Koiles Pratt Family Law Group
70 Washington Street, Suite 402
Salem,
MA
01970
Phone:
978-744-7774
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