Addressing trusts and inheritances during high-asset Massachusetts divorces
Sneider Kellman PC Blog
by gturnercontentcustoms
1M ago
Divorces involving significant wealth can inspire unique challenges, especially when dividing assets like inheritances. For high-net-worth individuals, one of the most complex aspects of a divorce may involve determining what portion of inherited wealth or trust assets is potentially subject to division. While Massachusetts follows equitable distribution laws, which aim for a fair—not necessarily equal—division of marital assets, the fate… The post Addressing trusts and inheritances during high-asset Massachusetts divorces first appeared on Sneider Kellman, PC ..read more
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Why a formal custody modification might be necessary
Sneider Kellman PC Blog
by gturnercontentcustoms
2M ago
A Massachusetts custody order outlines the obligations and rights of each of a child’s parents. It helps provide the basis for a co-parenting relationship. Parents often spend weeks negotiating the right terms for their custody orders. They might also litigate and have a judge determine the most appropriate way for them to divide parental responsibilities. In either scenario, parents typically… The post Why a formal custody modification might be necessary first appeared on Sneider Kellman, PC ..read more
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Protecting your child’s 529 college savings plan as you divorce
Sneider Kellman PC Blog
by gturnercontentcustoms
3M ago
Whether your child is still in elementary school or just got their driver’s license, you don’t want your divorce to disrupt their educational future. If part of your financial planning for their college education has involved setting up a 529 college savings plan, it’s important to ensure that the assets in this plan are not misused and that it can continue to grow, even if you and your spouse are going your separate ways. However, you’ll need to be careful with these tax-advantaged plans. Because they typically are allowed to have only one account owner (with the child listed as the beneficia ..read more
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What a new relationship may mean for an alimony order
Sneider Kellman PC Blog
by gturnercontentcustoms
4M ago
Financial interdependence is common during a marriage. One spouse may earn more, while the other may provide more practical support for the family. The higher earner depends on the other spouse to handle aspects of daily life. The lower-earning spouse relies on their partner for financial support. Both of them have to make major adjustments when the marriage ends in divorce. In some cases, the lower-earning or dependent spouse might qualify for alimony payments. According to Massachusetts law, the courts can order alimony in cases where one spouse has a need and the other spouse has an ability ..read more
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3 tactics for keeping kids at the same school during divorce
Sneider Kellman PC Blog
by gturnercontentcustoms
5M ago
Parents who are preparing for divorce tend to have more challenges ahead of them than those without children or those whose children are now lawful adults. Custody negotiations have a tendency to complicate divorce proceedings and increase the level of conflict between the parents in a family. Parents may have a variety of different custody goals ranging from spending certain holidays with their children to having authority over religious matters if their faith is important to them. Issues related to education can also be sources of conflict during custody negotiations. Particularly if the chi ..read more
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The crucial concern that divorcing homeowners often overlook
Sneider Kellman PC Blog
by gturnercontentcustoms
7M ago
Many married couples in Massachusetts decide to buy real property together. They purchase a home and invest a substantial amount of their income toward mortgage payments and property upkeep. If couples that own homes together divorce, they usually need to address their equity as part of the divorce process. The Massachusetts approach to property division requires a fair or equitable distribution of both assets and debts. Homes can represent both the biggest asset that someone owns and the biggest debt that they may owe in the form of a mortgage. Couples talking about how to handle their homes ..read more
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Why many people turn to collaboration or mediation during complex divorces
Sneider Kellman PC Blog
by gturnercontentcustoms
8M ago
Complex divorces often involve spouses with significant income and a variety of shared assets. Some families have to address businesses or professional practices. Others may have real estate and investment holdings. Complex divorces may also involve requests for support to maintain a specific standard of living following the divorce. Spouses, therefore, have a lot to argue over in these cases. People often resign themselves to the idea that a litigated divorce is inevitable when they have complex financial circumstances. However, spouses with more marital resources may actually have more reaso ..read more
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Summer vacation planning tips for co-parents
Sneider Kellman PC Blog
by gturnercontentcustoms
9M ago
Summer vacations are often some of the fondest memories children have as they’re growing up. While some kids have both parents in the home and everyone takes the vacation together, others have divorced parents who take separate vacations. If you’re divorced and planning a summer vacation with your children, there are several things that you can do to make the situation easier. Check your parenting plan Before you start making firm plans, be sure to review the parenting plan to ensure that you know the rules. Some parenting plans may have geographic restrictions that dictate where you can vacat ..read more
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Tips for healthy co-parenting arrangements
Sneider Kellman PC Blog
by gturnercontentcustoms
10M ago
Co-parenting after a separation or divorce can be challenging, but with the right approach, it can be effective for the well-being of the children involved. Central to successful co-parenting is focusing on the children’s needs and maintaining a positive and respectful communication channel between the parents. Consider these essential co-parenting tips that can help foster a healthy environment for children. Focus on the children and leave the past alone The primary goal of co-parenting is to prioritize the children’s emotional and physical well-being. This means setting aside any past confli ..read more
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How can divorce impact your finances and credit?
Sneider Kellman PC Blog
by gturnercontentcustoms
10M ago
Divorce significantly impacts an individual’s financial situation and can have lasting effects on their credit score. This reality stems from an inevitable division of assets and debts, changes in income and expenses and potential costs associated with the divorce process. The division of marital assets and debts is a primary financial concern during divorce. It can lead to financial strain, especially if one party needs to buy out the other’s share or sell assets quickly, potentially at a lower value. Additionally, any joint debts, like mortgages or credit card balances, must also be divided ..read more
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