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Boston Divorce Law Blog

Division of marital assets and debts can be tricky in divorce

Debt can be a sticking point during a marriage in Massachusetts, even driving the two parties apart, since they can’t seem to reconcile their differences regarding their finances. In the same way, debt can pose a major issue during a divorce. A couple of tips may help people who are dealing with issues such as the division of marital assets and debts during a divorce to walk away from the marriage as financially unscathed as possible.

If one spouse says that he or she will assume a particular debt, it’s not wise for the other spouse to simply assume that this will happen. Instead, it may help to move this debt to a new individual account via the balance transfer process. It may also be helpful to label this debt in the divorce settlement as a certain support obligation that cannot be discharged in bankruptcy. This keeps a person's ex from filing for bankruptcy in an effort to get rid of the debt, which leaves the other individual responsible for satisfying this debt from the creditor's viewpoint.

Division of marital assets during divorce can impact finances

People who get divorced in Massachusetts may feel anxious about being single again, particularly if they haven’t been single for many years or decades. Their anxiety may be especially strong if they don’t feel competent about handling their personal finances following a divorce that involves complex issues such as the division of marital assets. A few tips can help a person going through a divorce to more confidently approach his or her finances going forward.

First, it’s best to sit down and develop a budget that reflects one’s personal expectations and needs following the divorce. The new budget can help a divorcee to remain within his or her financial means. It is wise to remember that a household budget can be updated as a person’s circumstances change as well.

Division of marital assets can affect one's retirement plans

When it comes to getting divorced, fights can easily brew over many assets, ranging from pieces of furniture to vehicles and houses. However, one of the most devastating blows that can happen in a Massachusetts divorce proceeding that involves the division of marital assets is to lose retirement money. This is especially the case for an individual who is nearing retirement and is relying on that money to make ends meet during his or her post-working years.

It is wise to hire a competent financial planner early on during the divorce process. Such a planner can help two people who are getting divorced navigate the complex maze of laws related to retirement plans. The planner may also create cash flow-related forecasts and enable the couple to maximize distributions that will be tax-free.

Recent Appeals Court Opinion: Guidance for Child Support Calculation for Parents Who Receive SSDI Monthly Benefits

The Appeals Court released an opinion on July 2, 2014 providing further guidance for calculation of child support where one parent is receiving Social Security Disability Income (SSDI) benefits, and there is an additional SSDI payment for a dependent of that parent. The Child Support Guidelines provide that the SSDI amount received by a custodial parent and SSDI dependency benefits received by that custodial parent on behalf of a child shall be attributed to the gross income of that custodial parent for the purposes of calculating child support under formula.

Property division battles during divorce can involve pets

When going through a divorce in Massachusetts, the prospect of losing a beloved family pet to a soon-to-be-ex can be discouraging. This is because many families in America often don’t just view “Rufus” as the family dog; rather, he is increasingly being viewed as just another one of the kids. However, divorce courts, which handle matters such as child custody and property division, still look at Rufus as property when deciding who will get him following the divorce.

About three-fourths of households in the United States own pets. There are more than 140 million cats and dogs total. Meanwhile, there are just 74 million minor kids in America. According to the law, pets are considered personal property that remain under human beings’ control and ownership; in other words, they are treated just like a furniture piece or computer would be treated.

Collaborative Law Offers More Peaceful Divorce Option

Divorce is often viewed as a devastating experience, where two people bitterly quarrel about how their shared possessions will be split up. However, divorce actually can be amicable rather than traumatizing. This is possible thanks to options like collaborative law in Massachusetts.

What is Rehabilitative Alimony?

Rehabilitative alimony is one of the four (4) types of alimony identified by Massachusetts statute. Specifically, rehabilitative alimony is the periodic payment of support to a recipient spouse who is expected to become economically self-sufficient by a predicted time. Like general term alimony, the amount of rehabilitative alimony should not exceed the recipient's need or 30-35% of the difference between the parties' gross incomes.

Division of marital assets can have long-term consequences

When people are overwhelmed by emotions during divorce, they might not always make choices that are best for them in the long run. Add to that the complexity of divorce cases involving major issues, such as the division of marital assets, and one can see why it’s easy to make costly mistakes during a proceeding. A few tips can help people in Massachusetts to be more financially prepared for their futures following divorce as well as to make decisions that will have the most positive impact on their wallets.

Before agreeing to a financial settlement with a soon-to-be-ex, it helps to create a practical monthly budget based on one’s estimated post-divorce income. It’s wise to include expenses, such as increases in one’s cost of living and higher education costs for the kids in the budget. Health and life insurance expenses can also be added.

Michael Moore, Kathleen Glynn divorce after 23-year marriage

Having to split the marital property in an amicable way is often challenging in an Massachusetts divorce. However, the feat is even harder for a divorcing individual who has a high net worth and thus more to lose if the final divorce settlement doesn’t go his or her way. One widely known celebrity is facing his own divorce in another state.

The celebrity is Michael Moore. The director of the movie “Fahrenheit 9/11” married Kathleen Glynn 23 years ago. His wife actually produced a few of his documentaries.

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