The property division determination of the divorce involves more than just bank accounts and real property. Couples going through a split also need to divide debt.
A divorce attorney knows that prenuptial agreements can serve as a safeguard against property division disputes, in the event a couple divorces. Under Massachusetts state law, these written contracts allow the parties to make lawful limitations on the equitable division of property that would otherwise apply during a divorce.
Does a high-asset divorce require more time and court involvement? If a couple failed to execute a prenuptial agreement, the answer might be yes.
Given the recent media attention regarding collaborative divorce, readers may have some questions about how this process differs from more traditional approaches.
A divorce attorney would readily agree that property division can be approached proactively. That is to say, each spouse can prepare an itemization of checking and savings accounts, retirement accounts or other securities, property valuations and more.
An attorney who focuses on divorce and property division matters may have unusual stories about spouses hiding assets from each other. However, it’s unlikely that an attorney has heard of the latest scheme: Bitcoin.
Since the potential for stress is already very high when going through a divorce, why add to it?
In any divorce, there may be challenges in resolving legal, financial or personal issues. Although each couple’s circumstances may be unique, a recent article reminds us that some issues may be more common to certain age groups.
In a divorce, a spouse may need to advocate strongly for his or her position on matters of spousal support, asset valuations and property division. If children are involved, additional discussion will be required about child custody and visitation arrangements.
Issues in a divorce can be highly interdependent. For example, a couple may have disagreements about property division matters until they consider the potential impact on children. Similarly, parents may disagree about legal and physical custody arrangements until they factor in which spouse wants to remain in the family home, and/or whether one parent has plans to relocate.