Massachusetts residents are likely familiar with the statistic often cited by the media that 50 percent of marriages end in divorce. While that may have been true in the 1970s and 1980s, figures show that the divorce rate has been falling steadily for several years. Observers say that if current trends continue, the divorce rate will fall to about a third in the near future.
Making the decision to divorce is never easy. Sharing this news with your spouse can be even more difficult. There are steps that can be taken to help ease the process.
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?