Assets

Determining property division in Massachusetts divorces

No matter how you slice it, divorce is typically abounding with emotion. Dividing one life back into two can simply be a mentally draining process. Massachusetts couples, like couples all across the country, just want to make sure they will be financially prepared for their new separate lives. For many, this requires careful negotiation and knowledge of applicable laws during the property division phase of a divorce. Protecting personal assets is one of the biggest concerns in a divorce. There is a big difference between community or marital property versus separate or personal property. However, rules regarding each individual asset can be somewhat tricky. One type of asset that is considered personal or separate property would be an inheritance or gift that was given to one spouse before the marriage and would not be subject to division. Other assets like the marital home, retirement accounts and formed businesses could be considered both separate property and marital property, depending on what paperwork the couple has to show for each item. Assets that are considered marital property are typically subject to an even distribution between each spouse, including the home and any debts shared between the couple; however, if either spouse has sufficient documentation that the asset belongs to them, it may be considered personal property and not subject to division. Things in this category include funds in retirement accounts before marriage or any residence paid for specifically by one spouse — just to name a few. While proving these items are

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Couples must take time to discuss finances, property division

When a Massachusetts couple decides to end their marriage, the manner in which they choose to divide their assets is often the central focus of the divorce process. However, even couples who are unmarried can find themselves in need of property division assistance. In the absence of marriage, couples who share expenses can find little guidance in the division of accumulated assets and debts, leaving many in a precarious financial position. For couples who are not yet married but are sharing housing and other expenses, experts advise against pooling income and assets. A better approach is to simply divide the household expenses in a manner acceptable to all parties, then pay those bills from separate accounts. For example, a couple might agree that one party who earns significantly more will be responsible for the rent and utilities, while the other covers the cost of food and household supplies. Another important factor within a serious relationship is to have a series of open and honest discussions about each partner’s approach to money. This includes a full disclosure of existing debt, assets and income. It is also helpful to talk about future financial plans, such as savings and retirement goals. Having these talks can help both partners decide if the financial outlook of the other party is in line with their own. For those who decide to marry, detailed financial discussions can also make it easier to broach the subject of a prenuptial agreement. The process of drafting such a contract is

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Property division requires cool heads, careful choices

Every Massachusetts spouse who goes through a divorce will have to navigate the process of dividing marital assets. This can be a difficult process, especially in cases in which the family holds assets that are complex and varied. However, even relatively “simple” divorce cases involve property division, and the choices made during this stage of a divorce can have a lasting impact on the financial health of all involved. One tip for avoiding unnecessary losses during property division is to approach the process with a calm, business-like approach. While it can be difficult to remove one’s emotions from the mix, this is exactly what is called for in order to achieve the most favorable outcome. Decisions that are made while under stress or feeling pressured are virtually never the best available options. Spouses should make every effort to begin and complete the property division process with a clear head and an eye toward the future. One way to assist in this goal is to avoid unnecessary contact with one’s soon-to-be-ex during this stage of the divorce. While there may need to be some level of contact, especially for those who share children, there are ways to minimize the interaction one has with their spouse, at least in the short term. Friends and family can help with transferring the kids between homes. Some spouses find it helpful to limit communications to email during this timeframe. Massachusetts spouses should keep in mind that divorce is a relatively brief period of time in

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Health insurance plays into property division

Having solid health insurance coverage is an important consideration for many Massachusetts spouses who are considering filing for divorce. In most cases, spouses who are covered under their partner’s employment benefits will lose that coverage once their divorce is made final. In these scenarios, it is important that the cost of obtaining new coverage plays a role in the property division portion of the divorce process. If and when the Affordable Care Act (ACA) is fully up and running, many people may be able to access health care at rates that they can work into their budget. This may give some the ability to move forward with a divorce filing. For those who have postponed divorce for a long time, the ACA may come as a welcome relief. There is no need to wait for the ACA to factor into one’s decision to divorce, however. By including the cost of health insurance into the property division negotiations, spouses can ensure that they have the financial means to purchase their own insurance coverage. It is possible to negotiate a settlement that either nets more in spousal support, or gives a greater share of assets that can offset the cost of buying insurance. As with all other matters surrounding a Massachusetts divorce, being fully informed about the manner in which divorce will affect one’s health coverage is important. Spouses who are aware of the ramifications of various settlement options are better prepared to make wise negotiating decisions. Divorce is a new beginning,

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Property division tips for Massachusetts couples

One of the most stressful aspects of a divorce is the process of dividing marital assets. This is understandable, considering that the results of the property division process will have a great deal of impact on each spouse’s financial stability in the years to come. Many Massachusetts couples struggle with property division concerns, and are unsure how to proceed once the decision has been made to end the marriage. One of the most important things to keep in mind when divorce is on the table is that the process of dissolving a marriage is, at the most basic level, a business transaction. While there is an undeniable emotional component to divorce, it is imperative that each spouse is able to focus on the decisions at hand in as objective a manner as possible. When it comes to divorce, emotions are best left out of the equation. A related issue that can lead to divorce trouble involves crumbling under pressure. There are bound to be times at which one’s grace and composure will be tested, However, losing control of one’s emotions and lashing out will only serve to weaken that individual’s position. While it can be a challenge, try to handle each situation with a calm head and an even keel. In many cases, Massachusetts spouses who experience a difficult divorce are in large measure responsible for that scenario. A wide range of property division problems can be avoided by simply removing the emotional charge from various situations surrounding a divorce.

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Pets more than just marital property in a divorce

Most Massachusetts pet owners would be horrified if their precious furry friends were referred to as property, akin to a chair or table. Many couples see their dogs, cats and other pets as true family members; however, in a court of law, pets are seen as marital property during a divorce. This is a difficult realization for many couples attempting to decide what happens to their pets when their relationship ends. It’s the incredible attachment people have to their animals that is making more people fight over them once they decide to end their relationship in divorce. Those watching current trends in divorce have seen an increase in couples attempting to receive joint custody of their pets. Many couples care for their pets as if they were children and when their relationship ends decisions must be made as to the continued care of their pets. Regardless of whether the discussion is related to pets, children, monetary assets or property, the end of a relationship can bring on heated battles in how these are divided and shared. Many couples attempt to deal with this alone, which can lead to negative feelings and make the aftermath of a divorce bitter. Some couples decide on alternative dispute resolution techniques in order to address property division. Massachusetts couples considering divorce or currently going through the dissolution of a marriage may have difficult decisions to make in regards to the distribution of marital property, including pets, as they go through the process of ending their

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Property division in Massachusetts best left to prenup

Massachusetts residents considering divorce have many decisions to make. Some divorce proceedings are relatively simple, as there are no children or assets to consider, while other divorce proceedings require lengthy amounts of time attempting to determine the equitable distribution of property and other assets. Due to issues such as these, many couples have begun to consider prenuptial agreements. On June 5, 2013, in a post titled “A prenup can simplify Massachusetts property division“, we told our readers about the best ways to establish a prenup and be sure that it is valid. What many couples may not understand is that most states have a prenup of sorts already in place. Some individuals spend a significant portion of their years acquiring significant assets and building their careers. Once they make the decision to be married, many do not consider the possibility of that union dissolving. When a marriage does dissolve, regardless of the generosity of one spouse to the other, it is important their marriage end equitably. When there is no prenup, then it may be up to the state to determine what is fair and equitable, which may not be in the best interests of both spouses. When the state is left to divide property, regardless of how simple or complex the assets may be, a one-size-fits-most approach is used in place of a tailored plan designed to fit the needs of each spouse. The equitable distribution of assets is important to each individual’s financial future, which is one reason

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