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.
The divorce rate has steadily increased in Massachusetts over the last few decades. In 1960, the divorce rate was 17 percent in the state while in 2015, it had increased to 47 percent, according to data from the Massachusetts Family Institute.
Filing your taxes is always frustrating and complex, but divorce may make tax season even more stressful for you. Divorce has a significant impact on your taxes, so you should do some preparation before you try to do it all at the last minute.
If you and your spouse are heading for a split, you may have experienced a breakdown of trust somewhere along the way, whether due to infidelity, spending habits or what have you. If you already distrust your partner, you may have valid concerns about him or her attempting to stockpile assets and conceal money from you so that he or she gets the better deal after the divorce.
Has something a friend done ever influenced a choice you made? A little reflection will reveal that it has probably happened multiple times. Perhaps you wanted to try a restaurant a coworker raved about or follow a friend's taste in fashion. It may have been something more important, such as deciding to put off motherhood in favor of your career or vice versa. It is common for milestones in people's lives to affect their friends' choices, especially when it comes to lifetime decisions such as marriage and parenthood. It will come as no surprise, then, that the same is true for divorce.
During the divorce process, the parties involved have a lot of decisions they must make. Some of the most challenging decisions usually involve property division. Like many states, Massachusetts is an equitable distribution state, which means that property should be divided as equitably as possible; however, equitable does not always mean equal.
When a couple in Massachusetts has been married for a significant period of time and chooses to end their marriage, there are often many assets that must be shared. While some are obvious, such as real estate and bank accounts, many people may overlook their right to Social Security retirement benefits. These benefits are complicated as is, but when a divorce is thrown into the mix, even more confusion can result.
Many families in Massachusetts have family heirlooms that hold a great deal of sentimental value. In many cases, these items can also hold a great deal of monetary value. Such appears to be the case regarding Kurt Cobain's guitar. The instrument has reportedly become a point of contention between Kurt Cobain's daughter, Frances Bean Cobain, and her estranged husband, Isaiah Silva, as they go through the divorce process.
For many people in Massachusetts, social media is an important part of their lives. They use it to communicate with friends and family, meet new people and even to network for their jobs. However, social media posts can provide revealing, and often unintended, information about a person's life. Anything posted online can potentially be used in court during divorce proceedings.