financial assets

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financial assets

Divorcing individuals in Massachusetts should examine their finances

Because couples in Massachusetts are not immune to potentially going through divorce, it is important to understand what separation could mean if such a decision is made. Financial needs will differ after a couple separates, and there will be many agreements that will need to be made in terms of alimony and other aspects. As a result, it is important for parties to understand their financial situation before divorce takes place. Bank accounts are one area that should be noted before separation. This examination will allow a party to understand how much money is in those accounts and what division of those funds could mean for their situation. If divorce has been decided upon, opening a bank account that is not shared with the other party is a wise step. Examining the debt that could be taken on after divorce is also an action that an individual may wish to carry out. Attempting to diffuse any accumulated debt before the separation would be ideal. However, many individuals know that it is not always easy to repay balances quickly, and therefore, preparing a payment plan for after divorce could be beneficial. Financial needs are important to assess at any time, but it can make a considerable difference when divorce is on the horizon. Understanding the current state of finances will help prepare for the future and how those funds will be impacted by alimony, child support and property division. Having the right information on such issues can play a role in

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Tips to ease matters of property division in divorce

For many Massachusetts couples considering divorce, issues of property division are paramount. With the exception of child custody concerns, property division is usually the center of the majority of negotiations. As the time approaches to file for and work through a divorce, there are a few tips to keep in mind that can help to maximize one’s settlement in terms of property division. One piece of advice concerns budgeting. The time to work out a comprehensive household budget is before negotiations begin. Leave nothing unaccounted for, no matter how minor the expense may seem. Many spouses make the mistake of fighting to the bitter end to keep the family home, without understanding the actual cost of running and maintaining the property. In order to ensure a secure financial future, it is essential to understand the financial present. Another tip is to fully understand the state laws regarding marital property. Each state differs in their approach to the division of property, but each spouse should begin the process fully informed as to what is owned and by whom. This is especially important when it comes to assets that are less tangible than homes and cars, such as stock options and other forms of deferred compensation. Divorce can be an emotional time for spouses, even when the split is in the best interests of everyone involved. However, it is imperative that one makes reasonable, rational decisions when it comes to property division. The choices made now can affect both spouses for decades

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Woman claims soon-to-be-ex spent $850,000 to earn mistress commission

Boston shoppers who patronize the fancy department store Neiman Marcus (even if it’s just to look, rather than to buy) know that the luxury goods retailer is famous for its generous return policy. But that return policy is not good enough for one woman, who is angry that Neiman Marcus won’t let her return about $1.4 million in gifts from her soon-to-be-ex-husband. The woman, who is in the process of getting a divorce, believes that her husband purchased the items for her from a store employee with whom he was having an affair. She feels that he purchased the items not to make her happy, but to earn the employee a generous commission. This woman has sued Neiman Marcus over the issue and although her lawsuit is against the store and not against her husband, it is worth considering from a family law and divorce perspective, too. The woman claims that her husband went from spending about $100,000 per year at Neiman Marcus before he began having the affair to spending around $850,000 after the affair began. She says she did not know about the spending. In other words, what we have here is an issue in which one spouse’s dramatic spending was kept secret from the other and, obviously, that kind of spending can seriously deteriorate one’s financial condition, especially when you must go through the process of dividing up martial assets (like cash-on-hand) into separate assets. We do not know if this lawsuit will be successful, but it

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Another Hollywood high net-worth divorce is finalized

As many in Massachusetts are well-aware, divorce often involves a lot of complicated issues that are not easy to resolve. Frequently, there are contentious issues relating to the division of marital property and the equitable division of assets. This is especially true in a high net-worth divorce where the financial assets involved may be exceedingly difficult to unravel. Those involved in or seeking a divorce may be interested to learn that actress Olivia Wilde recently finalized her divorce. The 27-year-old actress married a man with whom she eloped when she was 18. However, the two separated earlier this year after being married for eight years. Additional information concerning what lead to the separation — including if it was for irreconcilable differences or for some other reason — was not available. The divorce was finalized when a Los Angeles Superior Court judge signed the necessary papers in late September. Although a news report did not list any details about the divorce agreement, it presumably involved a complex division of assets. Even over the course of eight years, couples accumulate items such as shared bank accounts and shared residences that are not always simple to split 50-50. However, the difficulty with dividing marital property in an equitable fashion is not limited to just high net-worth divorces. In any divorce in Massachusetts and elsewhere, those involved may well benefit from seeking the advice of an experienced divorce attorney. The attorney may be able to ensure not only that the final divorce agreement is

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