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.
Prenuptial agreements are often hailed for protecting a person's assets from going to a spouse during a divorce. Professional baseball and football player Deion Sanders can attest for the strength of a prenuptial agreement. He has been going through a messy divorce with his wife, who he was married to for 14 years. Along with child support payments, their prenuptial agreement has been the primary source of disputes.
When couples divorce, they face the task of dividing many things. Property, assets, and mutual bank accounts must all be split apart. Deciding who gets the antique desk may be hard, but it is fairly simple to resolve. Once the couple determines who gets to keep the desk, the only thing left to do is load it onto a moving truck. Other things can be much more challenging to separate when a couple divorces, though.
After a couple gets married, they will likely work out a way to combine their budgets, bank accounts, debts and personal belongings. Some couples may realize after tying the knot that protecting the assets they entered the marriage with would be a smart idea. Postnuptial agreements can be valuable way for these couples to ensure they are guaranteed ownership of certain items regardless of the marriage's future.