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October 2016 Archives

Money issues during divorce

Some Massachusetts couples might split up over money, but financial troubles can continue during and after they divorce. Both assets and debts will need to be divided. Since Massachusetts is not a community property state, what each person earned during the marriage belongs to them. However, the aim is still for the couple to come out of the divorce roughly equal. Dealing with debt might involve selling the family home or another asset to settle the debt. Even if one spouse agrees to take on part of a debt, if it is still in the name of the other spouse, that person will remain legally responsible for the debt until it is refinanced.

What to know about divorce and retirement

The good news for Massachusetts residents is that the overall divorce rate has dropped in recent decades. However, for those over the age of 50, it is actually increasing. This can be a particularly troubling time to get a divorce because these individuals may be thinking about retirement. It may also be their peak earning years, which means a divorce could pose a threat to financial security.

Making preparations for a divorce

People in Massachusetts who are considering divorce might want to consider when they begin the separation process. January, March and September tend to be months when divorce filings go up because they occur just after holidays or vacations when individuals may have made final attempts at reconciliation. However, filing for divorce in these circumstances often means that the decision is an emotional one. A better approach might be to file for divorce after some initial preparation.

The benefits of shared parenting after a divorce

In the past, Massachusetts courts often determined that the children were best off living with their mother after the divorce was finalized. However, many experts now say that children thrive best when they have the opportunity to maintain strong and healthy relationships with both parents unless there are mitigating factors.

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