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Financial Planning
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Divorce can have a profound impact on your future retirement income and benefits. If you are divorced or thinking about it, you should know how divorce will impact your eligibility for Social Security benefits.
Long after the wedding bells have faded, you may know someone who has come to a fork in the road and has decided to go in a different direction than his or her partner.
The courts have a philosophy of open book discovery, which in short means that you need to fully disclose all of your finances and assets to the other side and to the court. It is interesting that during the courtship phase of marriage, in a traditional relationship, the he often picks up the tab while the "she" often graciously accepts.
The marriages of people who marry for a second time experience stresses, particularly when there are children from a previous marriage. Most of these problems are predictable. They are generally solvable with patience, good will, and persistence.
Assume you have a friend going through a divorce in Massachusetts after being married for twenty years. Your friend has stock options accumulated during the last ten years of his marriage, and he tells you he is hoping to keep them out of the property division. For one thing, his stock option plan indicates that the options are non-transferable.
It is standard practice for most divorce practitioners to notify their clients to update their estate plans and change the beneficiaries of life insurance policies and retirement accounts following a divorce - and for good reason.
For most people, a divorce is the largest financial transaction of their lives. Probably the most important part of the divorce process is providing a financial disclosure to your spouse and making sure you are getting full and complete financial disclosure in return
Couples in the midst of divorce, and afterward should not lose sight of the need for estate planning during the process. One more thing to worry about….and one more thing to see a lawyer about.
Divorce is an emotional rollercoaster. From early talks of separating to final discussions on settlement, individuals must deal with feelings of loss, anger, and fear.
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The Massachusetts courts can order child support payments made by either spouse, and it uses child support guidelines that take into consideration each party's income and the number of children for whom support is to be paid. Courts may deviate from the guidelines if a party shows paying any amount would be too burdensome.
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