Amaral & Associates, P.C. - Divorce, Family Law

July, 2017 Archives

Financial Planning For and During a Divorce

What are the legal fees of divorce?A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for divorce, there are different actions you can take to plan for your own financial future after a divorce.

 

Create a Budget:

Review your household expenses to see what your weekly/monthly expenses come out to. In addition to including the usual expenses (i.e. mortgage/rent, utilities, heat, cable TV, telephone, groceries, clothing, etc.), don’t forget to include other typical expenses, such as uninsured medical expenses, motor vehicle expenses, child care, vacation and entertainment, education costs for yourself and your children.

Once you have your budget, look at what your income is, and what it is likely to be at the end of the divorce. Don’t forget to factor in any alimony and/or child support that you may be paying or … Read More »



Is Divorce Mediation Right for You?

There are many benefits to divorce mediation, but it is not always right for each couple. If you are thinking about getting divorced, and you can’t decide whether to try divorce mediation, here are some things to consider.

 

In divorce mediation a couple can work together amicably to resolve the issues relating to the divorce. Through this process there is less stress and drama. Divorce mediation uses a collaborative process where you and your spouse are in control and make the decisions, and not a judge. It typically takes a shorter amount of time and is more cost effective. Rather than the spouse against spouse model of traditional litigation, this is a mutual process, and you can leave the mediation process on good terms, which does not always happen with litigation.

 

However, divorce mediation is not for everyone. There are certain circumstances where divorce mediation may not work. One instance is where this is a history or abuse or violence in the relationship, or where one spouse is over-bearing or controlling of the other spouse. Because of this imbalance in power and control, divorce mediation is not always beneficial for … Read More »



Financial Disclosure in a Divorce

What are the legal fees of divorce?When spouses are going through a divorce, a common concern is that their husband/wife will not fully disclose their assets. In Massachusetts, to protect against this issue, the Court issued Supplemental Probate Court Rule 410, in which both parties must exchange certain financial information within 45 days after the defendant was served the summons and complaint for divorce. Under Supplemental Probate Court Rule 410, spouses must exchange:

 

 

Federal and state income tax returns and schedules for the past three (3) years and any non-public, limited partnership and privately held corporate returns for any entity in which either party has an interest together with all supporting documentation for tax returns, including but not limited to W-2s, 1099s, 1098s, K-1s, Schedules C and Schedules E.

 

Statements for the past three (3) years for all bank accounts held in the name of either party individually or jointly, or in the name of another person for the benefit of either party, or held by either party for the benefit of the parties’ minor child(ren).

 

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