When it comes to dividing assets in a divorce, investment accounts often play a role. In Massachusetts, understanding what happens to investment accounts during a divorce is important for individuals navigating this challenging terrain. Financial disclosure In the divorce process, both parties must provide a detailed financial disclosure. This includes a comprehensive list of assets, debts and income sources. Investment accounts, whether they are individual brokerage accounts, retirement accounts or other forms of investments, fall under this disclosure requirement. Identifying marital propert ..read more

As of 2022, KFF reported that 51% of companies offer spousal coverage for health insurance. Many couples take advantage of this to be able to choose the most affordable insurance option. However, in the event of a divorce, this can pose an issue for the spouse who is using their spouse’s insurance coverage. It is important to make sure you understand how the end of your marriage will impact your health coverage. Temporary coverage In the event that your spouse removes you from his or her health insurance plan due to divorce, you may be eligible for temporary coverage under the Consolidated Omn ..read more

Mediation offers a less contentious avenue for resolving your divorce. When you and your spouse maintain enough mutual respect to negotiate together, you might find that mediation is more affordable, less stressful and faster than litigating your settlement in court. There are a few tips for successful mediation. Keep your emotions out of it The most common cause of mediation failure is emotional outbursts. When you allow your emotions to govern the process, you may not be willing to negotiate as easily. Approach mediation as a business negotiation and aim for mutual resolutions instead of try ..read more

When wealthy couples go into a divorce situation, many people expect things to explode. Sometimes they do, but this does not always happen. On top of that, the explosions that do happen are not always related to assets and finances, unlike popular opinion. Wealthy couples and their fights Business Insider sheds some light on cases of divorce with high-net-worth individuals. This study actually reveals that couples with a net worth of $5 million or more tend to have more amiable divorces than couples in other wealth brackets. When these couples fight, they seem to fight less over material goods ..read more

After the children are grown and have left home, couples may feel they have grown apart and want a divorce. Be aware that a gray divorce can have devastating financial consequences. Divorce after 50 can drain the finances of both people involved. A divorce is not only hard on your health but also empties your wallet. Here are some things to keep in mind. Determining alimony is more complicated Sometimes one spouse will stay home for the duration of the marriage. In such cases, the court will order a working spouse to pay alimony. Matters become complicated when one partner has a well-developed ..read more

If you are like many Massachusetts couples facing divorce, you and your spouse may want to separate while minimizing personal conflict and extraordinary expense as well as emotional stress on your children. Both mediation and collaboration offer important alternatives to a litigated divorce that may help you to navigate your separate paths forward while maintaining control of the final outcome. However, these two methods of alternative dispute resolution do have some important differences. How does divorce mediation work? During divorce mediation, you and your spouse may participate in a serie ..read more

If you are going through a divorce, you will have a property settlement agreement that determines how marital assets get distributed between the parties. You typically do not recognize gain or loss in a transfer of property to a former spouse due to the dissolution of marriage. Exceptions include transfers to trusts, certain stock redemptions and if your spouse is a nonresident alien. You should be aware of the tax treatment for some additional items. Stock options If you agree to transfer nonstatutory stock options or nonqualified deferred compensation as part of your property settlement, you ..read more

If your marriage is not working out quite like you expected, filing for divorce may give you and your soon-to-be ex-spouse an opportunity to live the life you each want. Still, after your marriage ends, you may have to adjust to living on just one income. In Massachusetts, you are likely to walk away from your marriage with an equitable share of the marital estate. You may also qualify for spousal support. Nevertheless, the following three tips may save you a small fortune during your divorce. 1. Rethink a bitter court battle Despite what the movies would have you believe, divorce does not hav ..read more

Your life can change quickly, and you may find that you need to adjust some aspect of your divorce agreement months or years later. If your divorce judgment is no longer working for you, here is what you need to know about the common types of post-decree modifications. Changes to child support Courts generally follow guidelines in deciding the amount of child support you or your former spouse owe. Circumstances affecting the determination include the custody arrangement, income levels, health insurance costs, child care costs and other financial obligations. When one of these factors changes ..read more

Divorce after the age of 50 is much more common today than it was even a decade ago.  It also comes with unique challenges, especially for women concerned about their financial future. This is where spousal support or alimony comes in.  Your financial picture Perhaps your spouse took care of the finances throughout your marriage. However, before you agree to a divorce settlement, learn about your current financial picture and determine what you will need to live on once the divorce is final. Spousal support will be important. As an older person, you no longer have decades in which to ..read more