May 2016

Standards that can help children during divorce

When a relationship comes to an end, if there are children involved, the divorce can be quite hard for them. This is true for same-sex couples and opposite-sex couples alike. Below are a few standards that can be used to help kids at this time. 1. Remember that the other parent also has rights regarding the kids, and be sure to support and uphold those rights. 2. Allow children to keep relationships with both parents. This means not doing anything to limit the involvement of your ex in the kids’ lives. This may be hard for you in such an emotional situation, but it is best for the children. 3. Take your time with the breakup. Do not make rash, emotional decisions. Instead, clearly think through every decision and what it’s going to mean for everyone involved. 4. Keep providing for the child and supporting him or her. If you have custody, you will likely provide some sort of support almost every single day. Even if you don’t, though, there are many ways you can still support your child — including the financial side — and help his or her growth and development. 5. Focus on consistency. The end goal should be to make sure that life changes as little as possible for the child, even when you and your spouse break up. All decisions — like where to live — can be based around this ideal. This can be hard to do, and it’s important to know all of

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Why it’s best to buy a home after your divorce is final

If you’re thinking about buying a new home and you’re also going through a divorce–perhaps the two are very closely related–it is often best to buy the house after you finalize the paperwork. You don’t have to, and there are ways to buy during the divorce, but there is one big reason why you should wait: Your ex may try to claim partial ownership of your new home. The issue here is that your money belongs to both of you, and it needs to be split up. If you take some of that money and buy the house outright or put a down payment on the mortgage, you’re using money that wasn’t fully yours. You’re also acquiring an asset that your spouse may feel is partially his or hers, as you technically own it while the two of you are married. Again, there are ways to get around this. You could have some written agreement with your spouse showing that the home is yours alone. You could rush to finalize the property division process so that you have your own money to use. Divorce can take time, and you can’t always put your life on hold. If you do want to buy, make sure you looking to all of the legal steps to take in Massachusetts to protect yourself. However, the very best option in most cases is to put your purchase on hold. Rent an apartment on a month-to-month basis and live that way for a few months, until

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Who Prepares a QDRO?

QDROs are not neutral decrees. Each party should have their own attorney to prepare or review the document. This way each party has a legal professional who will look after their best interests. At the same time, it is important to choose an attorney who has extensive experience working with QDRO’s. Your attorney should have a deep understanding of asset division. Mistakes and omissions can be financially detrimental to either or both parties. For example, if you or your spouse have a pension plan, it’s best to seek advice from an attorney who can prepare a QDRO that meets the plan requirements and contains favorable terms that meet your interests. After everything is done, the alternate payee is informed as to how and when benefits will be given. Many pension plan benefits are tax deferred, and taxes are paid as monthly payments are received. Some plans offer options to roll over the benefits into an IRA and are tax deferred until retirement age. To discuss your issue, please contact David M. Gabriel and Associates to set a consultation.

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Qualified Domestic Relations Order (QDRO)

In Massachusetts, when a divorce occurs, retirement assets typically fall into two categories: (1) assets acquired before the marriage; or (2) assets acquired during the marriage. In shorter term marriages assets may not be subject to division, however retirement funds acquired during the marriage are generally subject to division and treated as a marital asset. There are no hard and fast rules regarding the division of retirement funds, however, and a skilled divorce attorney may be able to argue to a judge to depart from the conventional wisdom depending on the facts of a particular case. Retirement funds may require a special court order to divide them pursuant to a divorce. If so, the court will issue a Qualified Domestic Relations Order (“QDRO”) to divide the asset. The QDRO is usually prepared by the parties with the assistance of an actuary. Prior to completion the QDRO is reviewed by the retirement plan administrator. Upon completion of the review process the QDRO is submitted to the judge assigned to the case for court approval and returned to the parties for submission to the plan administrator, who implements the terms of the QDRO. Attorney David M. Gabriel and his team of lawyers works with experienced retirement and pension appraisers, in order to determine the value of the retirement assets in question, including current values, past values, projected values based upon retirement age and coverture values. Coverture value is legal term used to describe the value of an asset and its proportionate increase

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What does rehabilitative alimony mean?

As its name may suggest, rehabilitative alimony is when one spouse makes payments to the other in order to help the receiving spouse get back on his or her feet after divorce. Its main purpose is to help the receiving spouse become employable and self-sufficient. Rehabilitative alimony is awarded for a predetermined amount of time after which the payments will cease. Rehabilitative alimony may be awarded without regard to how long the marriage lasted, but a judge will look at the length of the marriage when making a determination. Five years is the longest period a spouse can receive this kind of spousal support. In many cases a judge may award rehabilitative alimony when one spouse has been absent from the Massachusetts workforce for a long time. Other times, it may be awarded if a spouse is overcoming an injury or illness and needs financial assistance while recovering. The amount of rehabilitative alimony may undergo changes if the paying spouse loses a job or if one spouse experiences a significant change in income. If certain circumstances mandate the need, a judge may consider extending rehabilitative alimony. These circumstances include: — An unexpected event that delays the receiving spouse’s self-sufficiency — The receiving spouse has made every effort to become self-sufficient but is still experiencing hardships — And, the paying spouse will not suffer financial hardships from an alimony extension In many situations, rehabilitative alimony is good for both spouses. However, any time spousal support is an issue it is a

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Things you should know before a divorce

One of the biggest complaints that people in Massachusetts have after a divorce is that they simply didn’t know enough in advance. Everything can be very stressful if you feel blindsided all of the time, and you may end up with an agreement that does not give you what you’re after. Below are a few things you need to know beforehand: 1. The real value of your property. Remember that values for many things—like homes or cars—could have changed dramatically since you bought them. 2. What you want to do with your home. You and your spouse have to decide if you’ll get it, if he or she gets it, or if it’ll be sold so that the money can be split up. Knowing this in advance helps you plan for the future and find a place to live. 3. What your expenses will look like after the split. People often forget about things like utilities, which they’re used to splitting, and they’re shocked by the cost of paying them on their own. Remember that the overall cost goes up when you both pay separately. 4. How each decision plays into the next. For example, one woman hadn’t properly calculated what her expenses would look like, so she thought she had an affordable home. It turned out to be more than she could afford, though, and she was forced to sell and move after the split. Don’t go into a divorce without as much information as you can possibly gather.

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