Prenuptial agreements do not carry the stigma that they once did, and today many couples choose to protect their assets through such an agreement. The postnuptial agreement, which is created after a couple is already married, is less well known by society. Just like prenuptial agreements, postnuptial agreements can be very helpful for property division during a divorce.
For most readers here in Massachusetts, a billion dollars is only an abstract concept that is impossible to conceive of in real life. But for a select few, a billion dollar transaction is a part of daily life. When these billionaires decide to divorce, their complex property division settlements often make national news.
Prenuptial agreements can help make the divorce process less contentious -- that is, if they are upheld by a court. These agreements are routinely upheld by judges in Massachusetts, but a woman in the middle of a divorce recently convinced a judge to find her prenuptial agreement invalid.
Christy Mihos is a staple of life in Massachusetts. At one time he owned dozens of stores on Cape Cod and was the vice chairman of the Massachusetts Turnpike Authority. Mihos also twice ran for governor of Massachusetts, although both campaigns were ultimately unsuccessful.
Salem residents who follow the news are likely very familiar with the "fiscal cliff" that dominated headlines at the end of 2012. To avert this fiscal cliff, Congress passed a series of tax reforms entitled the American Taxpayer Relief Act. The ATRA went into effect on January 1, 2013, and is already affecting property division during divorce.
For many Massachusetts couples considering divorce, a number of obstacles can create disputes and prevent timely resolution. Above all, this conflict can make it difficult for a fair divorce settlement to be reached.
The end of a marriage begins long before the divorce decree is signed. This is exceptionally true in a high asset divorce. Among the most hotly contested divorce disputes often involve the division of property and child custody concerns. The following piece discusses property division; in particular it discusses real estate and real estate appraisals. Massachusetts's couples might find the following piece rather informative.
The details of divorce settlements are often unique to each couple. Some divorces may result in joint custody of children, whereas others may give one parent sole custody. In addition, some divorces end with one spouse receiving just child support payments, yet others result in alimony and child support payments.
Divorce usually brings up debates about which spouse will get to keep which shared belongings. Massachusetts couples trying to settle their divorce probably understand well that property division can be stressful and time-consuming.
When a couple works through a divorce, there are likely ill feelings between the spouses. In anticipation of working through property division, child support payments and alimony settlements, a spouse may think that setting aside some money would be a smart way to ensure one leaves the marriage with more assets than one's spouse.