Times have changed, in Massachusetts and across the nation, and the days in which men were the breadwinners and women were the house makers are long gone. While there are still some households that adhere to this once-standard social norm, many others are comprised of two working spouses. In some cases, women bring in the bulk of the household’s income. For such women who face divorce and the inevitable property division process, there are a number of considerations that come into play. Divorce involves the division of marital assets, which can become complicated in some families. As with any financial matter, the best approach lies in proper planning. To that end, prenuptial or postnuptial agreements are one of the best ways to protect assets in the event of a divorce. Another savvy financial move is to maintain any inheritance money or assets separately from marital funds. Keep such assets within the name of the receiving party, and do not use inheritance funds to pay for jointly held debt. Another issue concerns business interest. For women who own their own business, much of the hard work and effort put into making that business profitable can be lost through divorce. There are ways to safeguard against these types of losses, including the use of trusts or other legal agreements. These avenues should be explored before the need arises to protect one’s business during a divorce proceeding. For women who have achieved a high level of success in the workplace, the best way

For many Massachusetts spouses, the decision to end a marriage marks a stressful and emotional time. Making matters worse, it can be hard to project how one’s finances will shift as the divorce process moves forward, and many worry that they will run into financial trouble at some point before the final property division settlement is reached. To lessen these fears, many spouses set up a ‘secret’ bank account or cash to get them through the divorce. There are a number of benefits to having access to one’s own money while a divorce is pending. In some cases, the other spouse will react badly to the divorce, and may restrict access to shared bank accounts or other sources of family assets. This can leave the other spouse with little funding to pay for their legal needs or the cost of daily living. Other times, the decision to set aside some money provides a sense of security, even if that funding is never needed. However, there are risks associated with setting up a hidden savings account. One issue involves the risk that one’s spouse could make an accusation that the act of setting aside money is in effect hiding family assets. This could have negative effects on one’s divorce process, especially if the case goes before a judge. The best way to mitigate this risk is to simply fund the account with assets and income that is strictly your own property. This can come from assets that were brought into the

Massachusetts couples who are preparing for divorce have a number of issues to consider. For many, property division ranks high among the priorities, and rightfully so. The financial decisions made during divorce can have lasting repercussions for both parties and, therefore, must be made wisely. In determining how real property will be divided between spouses, it is important to understand how property appraisals can affect the process. Regardless of whether the family home will be sold or retained by one spouse, obtaining a real estate appraisal is an important step. A professional appraisal will look closely at recently sold properties in the same geographic area and of the same basic type and style. This data will be used to calculate an estimation of the value of the home in the current real estate market. Once the value has been determined, it can be easier to negotiate the terms of how real property will be divided in the divorce. For example, if the home is to be sold and it appears that the proceeds will not fully cover the cost of the sale, both parties will be able to plan around the eventual out-of-pocket expense of selling the home. In fact, it may make more sense for one party to remain in the home until the real estate market improves and a sale will net a profit instead of a loss. When considering the appraised value of a piece of real property, it is essential that both parties keep in mind