High net-worth divorce could complicate Massachusetts proceedings

David M. Gabriel & Associates

For many Massachusetts residents, being successful may mean gaining a considerable amount of money. Measuring success in this manner is not uncommon, and many individuals hope to maintain a certain level of wealth once it has been achieved. However, high net-worth divorce could threaten a person’s ability to remain in control of their assets, especially if there was not a prenuptial agreement in place. Harold Hamm, founder of successful oil company Continental Resources, may be wishing that he had created a prenuptial agreement as he is now going through divorce. It was reported that Hamm’s worth comes in at approximately $17 billion, and now that he and his wife are separating, that wealth could potentially be split in half if it determined that it falls under marital property. In this case, the difference between hard work and luck could play a crucial role. Hamm claims that he was very lucky in obtaining the wealth that is currently attributed to his name. As a result, he believes that he should continue to be in full control of that wealth. However, the assets involved in this situation could potentially be considered marital property and up for equitable division if it is determined that Hamm’s gaining of the wealth had little to do with luck. Because Hamm would like to maintain his wealth and his wife likely hopes to gain an equal share, the high net-worth divorce could be quite complicated. For Massachusetts residents who have a considerable amount of wealth themselves, this

Massachusetts property division could involve pet ownership

David M. Gabriel & Associates

Massachusetts pet owners know that animals can, at times, feel like their children. Individuals may care for their pets much like they would care for children, from sending them to day care to buying them clothing. Unfortunately, in the eyes of most court systems, pets are considered property and, in the event of a divorce, pets may come under the jurisdiction of the property division processes. Pet ownership can become a point of contention for individuals who are going through divorce. Depending on when the pet was acquired, the court could have to decide which party maintains ownership of the pet. If the pet was given as a gift or was owned before the couple got married, the animal may be considered separate property, and this type of property cannot be divided by the court. In such a case, the original owner of the pet would maintain that ownership. However, if a pet was brought into the family together after the couple married, the situation may become more complicated. If the pet is considered community property, the court may decide which party may keep the pet. Though this may seem disheartening for the party that does not maintain ownership, the individuals may be able to create a visitation schedule similar to a child custody schedule that could allow both parties to see the pet. Property division is often a complicated endeavor when it comes to divorce, and when something so important to a party, such as a pet, is involved,

Equitable distribution and property division in divorce

David M. Gabriel & Associates

One of the hardest aspects of divorce is the division of property between two spouses and understanding equitable distribution. Finances are often one of the major points of contention in a marriage, and this can carry over into the divorce process. It is beneficial for Massachusetts couples to understand equitable distribution and how this will affect their divorce process. During a divorce, a couple has the option to work together on an agreement that will dictate the division of assets and other aspects of dividing finances. This can be achieved through mediation and the assistance of each spouse’s legal teams. However, this amicable process is not always possible with every couple, and it may be up to the discretion of the court how property and assets will be divided. Equitable distribution is the division of property according to what the court deems reasonable or fair. This is based on spouse earnings, marital property, length of the marriage and more. It is important to remember that equitable division in no way guarantees that this process will be completely equal or reflect the wishes of the couple. For this reason, many couples choose to work on an agreement to divide their property. Determining how property should be divided is not an easy task. Because of the potential complexity of this process, it is beneficial to understand all options and how to pursue the optimal outcome from the divorce. Equitable distribution is one aspect of a divorce that may be confusing for Massachusetts

School schedules could affect shared custody in Massachusetts

David M. Gabriel & Associates

For some Massachusetts parents, back-to-school time can mean searching for new school supplies and ensuring that their children wake up on time. For divorced parents, the new school year can mean reworking schedules and ensuring that shared custody agreements are still being upheld. This time can be a stressful one for parents, but it can also lead to children feeling strained if their parents lack consistency. When children must go to two different homes in order to spend time with their parents, a school schedule can sometimes make the situation more confusing, especially if a child rides the bus. If parents are unable to keep a consistent schedule for when a child goes to one house or the other, that child could be confused as to what bus to ride on what day. By keeping up a clear schedule, children and parents may have a less stressful situation. It is also important for parents to continue to have similar rules that apply to both households. Enforcing the same bedtime in both homes can be especially important when school starts back. If a child is allowed to stay up later at one house than the other, their sleep schedule and productivity at school could potentially be affected. Therefore, parents may need to ensure that they remain on the same page about certain routines. Shared custody issues do not have to constantly cause arguments, but maintaining workable schedules when transitioning from summer break to school schedules can put a strain on the

Discussing property division before remarriage may be beneficial

David M. Gabriel & Associates

For some Massachusetts residents, their first marriage may have ended up being more of a learning experience rather than the happily ever after that they had hoped for. It is not unusual for individuals to go through more than one marriage in their lifetime, and as they move into their next marriage, they may take lessons regarding divorce with them. Creating certain documents and discussing finances before marriage could help with property division should another divorce come about. Finances are something that parties should be open about if they are considering remarriage. If a person has been married before, it is not unlikely that he or she faced significant financial issues during the separation. Therefore, expressing any concerns regarding the financial situation could help cut off future arguments as well as possibly explain the desire for a prenuptial agreement. A prenuptial agreement can help create terms about certain financial aspects, such as alimony, and also help protect certain property and funds in the event of a divorce. If an individual has children from a previous marriage, a prenuptial agreement can help ensure that any inheritances would not be significantly impacted in the event of another divorce. These agreements can be beneficial for all parties involved, especially should property division proceedings come about. Property division can be a point of contention, and if a marriage does not end on good terms, some individuals may wish to gain as much property as they can. However, a prenuptial agreement and financial discussions could

High net-worth divorce could affect Massachusetts residents

David M. Gabriel & Associates

Preparing for a situation that Massachusetts residents believe will be emotionally taxing may be difficult. High net-worth divorce could be one of those situations as the parties involved may feel that their lifestyle will be greatly affected by separation. Therefore, individuals may wish to ensure that they focus on the proceedings as clearly as possible in order to be better able to prepare for their future. When a significant amount of money or property is to be divided during a divorce, it may seem easy to simply worry about how to gain assets that are worth more. Parties may think that they will be more easily able to maintain their lifestyle if they obtain more money or valuable property. However, not all property is easily sold, and if an individual needs the income from the assets, he or she could be found in a difficult situation. If an individual is able to maintain ownership of a residence, it may seem as if something has been won. Unfortunately, making payments on a home may be more difficult when an income is reduced due to divorce. Therefore, researching and preparing for what a person’s situation may be like financially after divorce could help parties have the ability to focus on what would be best for their future as opposed to simply gaining as much property as they can. High net-worth divorce can be difficult for the individuals involved as they may wish to fight in order to maintain the lifestyle they are

Shared custody could be an option for Massachusetts parents

David M. Gabriel & Associates

For some Massachusetts parents, the idea of gaining custody in the event of a divorce could be one of their goals. However, it is important to examine the situation and understand what a difficult custody fight could put the parents and children through. By being more knowledgeable about what child custody proceedings entail, some parents may be better apt to decide whether shared custody could be right for their situation. As with all custody proceedings, the well-being of the children should be the top priority. While some parents may believe that fighting for sole custody could be in the best interests of the children, they may want to ask themselves if their children are ready to go through the legal process. Children may be interviewed by professionals during the custody process in order for those professionals to gain an idea about the living situation. This could potentially put children in stressful and otherwise uncomfortable positions. By allowing a third party to make the decisions regarding custody, parents must be ready to contend with the arrangements that a judge may consider adequate for the situation. This could potentially lead to both parties feeling unhappy about the arrangements. However, if parents are able to work together, they may be able to come to agreeable terms regarding the custody and visitation of their children. It is true that shared custody may not be a feasible option for all situations. Therefore, parents should take the time to consider their circumstances and how the impact

Alimony could affect prenuptial agreements in Massachusetts

David M. Gabriel & Associates

Before a Massachusetts couple gets married, they may draw up a prenuptial agreement that would discuss many of the aspects of what would take place if the couple got a divorce. Property division and alimony are often brought up when making such an agreement in order to understand what each party may be entitled to in the event of a separation. However, there may be situations in which the prenup may be disregarded. Many individuals do not know how they will react if they suddenly find themselves going through the divorce process. As a result, they could possibly regret signing a prenuptial agreement, especially if they believe that it could result in them getting less alimony or property than they may have received without the agreement. Therefore, in some cases, a party may move to have the agreement thrown out. A court will give much consideration to the fairness of the agreement before determining whether it should be upheld. If it seems exceedingly unfair as opposed to what the court may have normally awarded, it could potentially be disregarded. The judge may also consider the timing of when the agreement was made. If it appears that a party was unjustly pressured into signing the agreement close to the wedding date, it may also be set aside. Alimony can be especially important to individuals who will have a considerably lower income after divorce. Parties who may not have worked for some time during their marriage or otherwise relied heavily on their

High net-worth divorce could complicate Massachusetts proceedings

Massachusetts property division could involve pet ownership

Equitable distribution and property division in divorce

School schedules could affect shared custody in Massachusetts

Discussing property division before remarriage may be beneficial

High net-worth divorce could affect Massachusetts residents

Shared custody could be an option for Massachusetts parents

Alimony could affect prenuptial agreements in Massachusetts

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