Dividing marital assets in a divorce can be a complex and emotional task. Dividing assets can be even more difficult when there are debts. Unfortunately before a court will finalize a divorce couples must address these issues. While many factors effect property division, the most important involve state laws. Massachusetts, for example, is an equitable distribution state. Another factor affecting property division is the presence of a prenuptial agreement.
Often when people divorce they are concerned with how much of the partnership's assets they will each receive. They are rarely as excited about the amount of shared debt they will acquire, though how debt is divided is an important divorce issue. Couples in Massachusetts should be aware of the situations that may impact just how much debt each former spouse will be liable to acquire.
Actress Jane Seymour, famous for her role in "Dr. Quinn Medicine Woman," recently announced that she was splitting from her husband after 20 years of marriage. The two have teenage twin sons. Sources close to the couple are saying that they were having difficulties trusting each other. When seemingly stable marriages suddenly end in divorce, it can make people question the institution of marriage generally.
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.