Property division can lead to Massachusetts condo disputes

As some Massachusetts residents know, having a vacation condo is a luxury couples enjoy. However, when a couple decides to divorce, the shared condo can become a thorn in the property division process. If the condominium is not the primary residence, then charges and fees associated with the shared property can complicate property division. Condominiums are not often the main place of residence for many couples as they are more commonly used as vacation spaces or rental property. Nevertheless, fees must be paid to building owners to maintain the space. When a couple is divorcing, building owners can often be burdened with a lack of fee payment. If the issue of who will be sole owner of a condo is unclear, one party may not wish to continue to pay maintenance fees on a place they do not live and may not own after the divorce. Building owners may face their own legal issues if a divorcing couple cannot come to an agreement about a shared condo. Owners may need legal paperwork should one individual wish to keep the other title holder out of the shared space. Additionally, if the parties cannot come to terms with fee payments, building owners may have to take action for nonpayment, which could include eviction or suing for compensation. Property division can become exceedingly complicated when third parties are involved. Making the divorce and division process as painless as possible is usually the route most parties would like to take. Understanding the rights and

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Getting help with financial needs during divorce

Massachusetts couples who are in the beginning stages of divorce are often overwhelmed by the sheer volume of decisions that must be made. For many couples, issues surrounding finances are chief among their concerns. Understanding the budgetary fallout of a divorce and anticipating future financial needs is imperative to the future success of both spouses, and this is one area in which it makes sense to hire a professional to guide the process. One area if concern involves alimony, and the tax implications for both the paying and receiving spouse. Tax issues are further complicated by the division of shared assets. Liquidating certain types of assets can result in heavy tax penalties, and can reduce the value of an investment by as much as 50 percent. This is an area in which a financial advisor can assist by mapping out the projected tax consequences for each party under a variety of scenarios. For example, there may be instances in which it makes more financial sense to accept less alimony in exchange for retaining certain assets. This allows the asset to transfer hands without a tax hit. It can also minimize the tax burden associated with receiving alimony. On the flip side, a Massachusetts spouse who pays alimony will not pay taxes on that portion of their income. This should be taken into consideration when dividing assets, and it may make sense for that party to retain a greater share of the couple’s assets. While there are a wide range of

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