Divorce can be an emotional experience for those ending their marriages in Massachusetts and throughout the country. In many cases, managing emotions is one of the biggest tasks a person will undertake during the divorce process. However, it is also important to focus on the financial issues that a divorce can cause. In addition to an attorney, it may be worthwhile to hire a financial adviser who can help an individual assess the assets that they will need as a single person.
Some couples in Massachusetts and other states have decided that a postnuptial agreement is right for their circumstances. This is a legal contract that is between an individual and their spouse. The purpose of creating this contract is to protect assets that a couple acquires throughout the time that they are married in case they divorce in the future.
People in troubled marriages in Massachusetts might view the end-of-year holiday season as their precursor to divorce. University researchers who looked at the timing of divorce filings found that they go up in January across multiple states. Trends in Google internet searches also reveal a heightened interest in divorce subjects in the second week of January. At Pinterest, searches for divorce party ideas rise by over 20% from December to January.
A divorce may have significant financial implications for those living in Massachusetts and throughout the country. For instance, an individual may need to make monthly alimony and spousal support payments. Individuals may also be required to transfer a portion of a retirement account or other assets to a former spouse. Those who are living on their own may also be responsible for their own medical care and housing payments.
Couples in Massachusetts going through a divorce may face different challenges. Evidence suggests that some of the obstacles faced by women are not faced in the same way by men. An example of this is the financial challenges that many women face after divorce.
Many couples in Massachusetts may find it odd to talk about getting a divorce in order to save some money. However, some people have felt that it is in their best interests to divorce on paper in order to save money or to qualify for certain benefits through government organizations. Before a person makes their decision, they will want to weigh both sides of the matter.
Going through a divorce in Massachusetts is usually an emotional and stressful process, and it is even worse when there are kids involved. Unfortunately, these emotions can get in the way of making important decisions, and this can lead to unwanted results or unintended financial consequences.
There are many risks associated with business partnerships in Massachusetts. One that catches many business partners by surprise is the risk of their partner’s divorce. These entrepreneurs may have taken every step to protect the company via prenuptial or postnuptial agreements, solid estate plans and even a succession plan. However, if their business partner failed to take similar steps, a divorce may cost them both a good chunk of the business.
For many students in Massachusetts, taking out loans was the only way they could afford to attend college. While some graduates have since repaid their debt, students in Massachusetts do contribute to the $1.5 trillion of student loan debt owed in America.
Women in Massachusetts and the rest of America are no longer staying home throughout their marriage. The stereotype of the stay-at-home mom has been changing rapidly for over a decade, with men now often playing the role of stay-at-home-dads.