February 2016

Marital assets no one should forget

With all of the paperwork that must be done and the decisions that must be made when going through a divorce in Massachusetts, it is possible to forget about certain things or overlook them. When it comes to marital assets, though, it’s important to remember everything so that you don’t lose out during the process of property division. Here are a few key things to remember: 1. Employee benefits. This could include a pension plan, for example, which may need to be divided for the future. 2. Carryover totals for a capital loss. These can be used in future years for tax purposes and could have an impact on what is owed or refunded. 3. End-of-life purchases. For example, a couple may have purchased a cemetery plot. Funerals and burial expenses are only getting more costly every year. 4. Collectible items. Some memorabilia—like a signed football jersey or an autographed guitar—can be worth quite a bit. Be sure to look through the storage carefully for items that may have been forgotten. 5. Memberships that are paid in advance. This could be a membership to a yacht club, a country club, or something else of this nature. 6. Gifts from a spouse. Technically, even if a gift was given from one spouse to the other, it still counts as marital property that is owned by both people. As such, it can be divided along with other assets. This is true for gifts given after the wedding day, but not for any

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Several facets affect same-sex divorces

Not all families are composed of the traditional husband and wife. Even though the composition of non-traditional families isn’t the same as traditional families, they still face some of the same family law issues. We know that trying to go through the Massachusetts laws pertaining to non-traditional families can be difficult, especially when you have a pressing matter to deal with. We can help you with all aspects of family law as it pertains to non-traditional families. One of the issues that can come up involves divorce. Ever since our state began recognizing same-sex marriage in 2004, the need for same-sex divorces has come up. During these proceedings, it is critical that you ensure that your rights are being protected. There are several facets of a same-sex divorce that we must consider. One of these is property division. Whether you have a high-asset case or you have fewer assets, we can help you to ensure that they are valued properly. While we are considering the division of property, we also need to consider the division of liabilities. We know that you don’t want to be stuck with all of the bills and none of the assets. If you have children, we need to get to work on the child custody, visitation and child support aspects of the case. These can often be aspects of the divorce that are filled with contention since both parents likely want to have the children as much as possible. We can work on your behalf

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Three mistakes to be wary of when splitting up retirement assets

Some of the most important assets to consider during a divorce may be those that pertain to your retirement plan, even if you’re still working and you’re not using them yet. Dividing these assets can be complicated and, naturally, the assets will have a large impact on your financial stability after the split. To avoid major mistakes, be sure you do the following: 1. Don’t forget about taxes and fees if taking cash. If you are getting a portion of your spouse’s retirement plan, remember that cashing that plan out means you’ll likely have to pay taxes and an early distribution penalty. If you choose to simply have the money rolled over into your own retirement account, you can preserve more overall wealth. 2. Don’t be imprecise when laying out the distribution of a pension. A pension can be split up in a divorce. If it’s your spouse’s pension, you may still be able to claim a portion of it, meaning you’ll get regular payments. However, make sure that you are very precise when determining how the division will be done. For example, determine whether you want to use a shared interest approach or a separate interest approach. 3. Don’t forget to look at future tax implications with non-qualified retirement plans. When splitting up non-qualified retirement plans–deferred compensation plans, for example– remember that there are going to be tax consequences for the person who receives the money. Additionally, the person who is the participant in the plan will have to

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If asking for alimony changes, you must serve your ex

You cannot get your alimony payments altered, even if they need to be changed because of alterations to the law, without telling your ex. You must serve the papers to your ex so that they can be signed and then filed. The paper you have to serve is known as a summons form, and you can get it from the staff at the court. In some cases, you may already know that your ex is going to be fine with the change—perhaps the two of you have talked about it in advance. If so, you can simply take the papers to your ex, meet up with a notary public, have your ex sign the documents while the notary watches, and then bring the papers to the court. These steps are not difficult to take, but they must be followed to the letter, especially when it comes to having an official watch to see that the signing is done properly. In other cases, your ex may not want to sign off on the change. If so, you may not want to bring the paperwork to your ex on your own. Instead, you can have the sheriff or constable do it for you. The county law enforcement officials should be contacted, and they’ll serve the papers to your ex in person. Do not simply mail the paperwork to your ex. After the law enforcement officer has served the papers, they will either be given to you or taken straight to the court

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What main areas are discussed during a divorce proceeding?

Before heading in for a divorce proceeding, it’s very important for same-sex couples in Massachusetts to know what will be addressed. Examples of the key areas that will be touched on—which are largely the same as they’d be for opposite-sex couples—include the following: 1. The grounds upon which the divorce was filed. If you don’t have anything specific, like domestic violence, that’s fine. You can file for no fault divorce, which is how the majority of filings are submitted. 2. All decisions to be made regarding children, if applicable. This includes both child custody and child support, along with visitation rights. 3. The division of all of the assets that the couple has. It’s important to remember that this could also include the division of debts. 4. Alimony or spousal support that needs to be paid. This is not used in all divorces, but can be if one spouse gave up a career or education and has little earning potential, having expected to be supported. 5. Changing names, if needed. 6. Protective orders. These are used when there is a larger issue, such as domestic violence. The spouse who has been abused may be worried that filing for divorce could cause a violent reaction from the other spouse, which means that protective orders and other measures are sometimes needed to keep the situation from escalating. Finally, it’s wise to note that you have to wait for the divorce to be finalized before you can get remarried. Now that you know

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