Financial needs

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Financial needs

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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Factors used in Massachusetts to determine alimony

If you are going through a divorce, you might be worried about what will happen when you are on your own. You may be concerned about whether you will be able to make enough money to support yourself, particularly if you gave up your career to support your spouse’s ambitions or were unable to obtain the education necessary to develop job skills. Alimony, or spousal support, could be a viable option to help you get by and is based on multiple factors. Alimony is a type of financial support that the court orders a former spouse to pay to ease the transition into separate households. The payments could be awarded temporarily or permanently depending on your situation. For example, alimony is awarded more often when the spouses have been married for 10 years or longer and there is a big difference between their individual incomes. The most common factors that Massachusetts courts consider are the length of the marriage, each of your financial needs and earnings potential, the standard of living that you became accustomed to during marriage, and the mental and physical condition and age of both parties. The court also considers the ability of your spouse to pay, whether you suffered economic loss because of your marriage and the contributions you made to your marriage, such as refraining from work to care for children or helping pay for your spouse’s education. However, the courts could deviate from these guidelines for rehabilitative and general alimony. For example, if you

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Divorcing Massachusetts residents should examine financial needs

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

Read More »
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