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

Posts Tagged divorce money

Does My Spouse Have an Interest in My Business When We Divorce?

divorce and assets Divorce and business, divorce and business partnersIn a divorce, money can be one of the biggest issues spouses fight over. However, when one (or both) spouses own a business, this can be an even more complicated (and sometimes uglier) fight. A common question business owners ask when they are going through a divorce is whether their spouse has an interest in the business. The short answer is yes, but it’s not as straightforward as you think.

 

Under Massachusetts law, all assets owned by spouses, regardless of whether or not they are joint assets, are marital assets. This can include a family owned business, even if only one spouse has an interest in that business. That means the business is a marital asset that is subject to division in equitable distribution. However, that doesn’t necessarily mean the non-business owner spouse will end up owning the business or having a financial stake in the business through the divorce. Massachusetts General Laws chapter 208, section 34 outlines factors the Probate and Family Court must consider in the division of marital assets. … Read More »



Sound Reasons Why You Should Mediate Your Divorce.

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I have been a divorce attorney for over 25 years and a divorce mediator for almost as long. When a potential client asks me whether they should mediate their divorce or whether they should just get their own attorney and file for a contested divorce, I tell them the following. A contested divorce can last well over a year. In fact, in Massachusetts, the tracking order assigned to your contested divorce is for fourteen (14) months. Which means that the life span of a contested divorce can be as much as 14 months. During this time frame, the parties will exchange financial documents, attend numerous hearings on temporary orders in court, have a pre-trial hearing followed up by status conferences and then a trial if your case does not settle. All of this discovery and all of the court hearings and meetings or phone call with your attorney will cost you money in legal fees both to you and your spouse. A divorce attorney can make 10-20 times more in legal fees on a contested case then they can … Read More »



Financial Planning For and During a Divorce

financial planning 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 receiving.

Based upon … Read More »



Having Your Voice Heard in a Divorce

Having Your Voice Heard in a DivorceDivorces can be a lengthy, complicated and emotionally charged process. With all of the procedural nuances of a divorce proceeding and procedural rules of the court, even after several court appearances, it is entirely possible that a spouse will not have had the opportunity to testify and tell his or her side of the story. Oftentimes, the first few court appearances just involve the parties’ attorneys arguing on their respective behalves and a judge making a ruling. It is not until much further into the process that a spouse has an opportunity to speak on own their behalf and tell their side of the story.

Having your voice heard in a divorce can be very therapeutic and cathartic. But all too often that can get swallowed up in the legal technicalities of a divorce. There is, however, an alternative to a long drawn-out divorce, where spouses can tell their side of the story and have their voices heard. This is through divorce mediation.

In divorce mediation, a neutral mediator, … Read More »



Divorce Mediation & Negotiation Rule One: Be Cordial

Divorce Mediation & Negotiation Rule One: Be Cordial Rule One: Be Cordial

(Provided by © National Legal Research Group, Inc.)

There is an old saying that you catch more flies with honey than with vinegar. By the time the parties are divorcing, the parties are pretty much used to dealing with each other by yelling and screaming. The lawyer should not posture in front of the client and should tell the client that he/she will not posture. Clients watch TV and need to be told that effective advocacy does not mean putting on a show for the client’s benefit.

This is not as simple as it sounds. Unfortunately, television has conditioned many clients that cordial conduct is not what to expect from a lawyer. Rather, the TV lawyer postures, threatens, intimidates and is rude. Then comes the commercial while the other side backs down.

It would be nice, but naive, to suggest that it is sufficient merely to be cordial. We do not practice law in a vacuum, however. In family law, we … Read More »



Child Support, Alimony & Taxes

Child Support, Alimony & TaxesWhen going through a divorce, there are many financial issues that spouses must address. Some of these financial issues have tax consequences, and other financial issues do not. One area where taxes come into play is support. Under Massachusetts Law, there are two categories of support.

The first category is alimony, which is the periodic payment of support by one spouse to another spouse for that other spouse’s support. Under the federal tax code, and Massachusetts tax law, the alimony paid by the payor spouse is tax deductible for the payor spouse, but taxable to the recipient spouse. That means that the alimony received by the recipient spouse is considered income, and it must be reported on that spouse’s tax returns.

The other category of support is child support, which is support paid by one spouse to another spouse for the support of the child(ren) of the marriage. Unlike alimony, child support is not tax deductible for the payor spouse, or taxable to the recipient spouse. Child support is considered a tax neutral payment.

Read More »



Prenuptial Agreements in Massachusetts

What is a Prenuptial Agreement? Do you need one? Contact Amaral & Associates for the answers you need regarding Prenuptial Agreements in Massachusetts.Q: What is a Prenuptial Agreement?

A: A Prenuptial Agreement is a contract between an engaged couple who is planning to marry, in which the contract, divides all (or some) of each individual’s property in the event of divorce and/or death. It can also determine whether any alimony will be paid in the event of a separation or divorce.

Q: Who needs a Prenuptial Agreement?

A: Anyone who is getting married and you have any assets that he/she wants to protect, even if it is just one asset, needs a Prenuptial Agreement.

Q: What are some common terms included in a Prenuptial Agreement?

A: A Prenuptial Agreement can be drafted:

To protect a substantial inheritance or an interest in a trust; To protect an interest in a business; To provide for children from a previous … Read More »



General Term Alimony: What is It?

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Q: What is General Term Alimony?

A: There are 4 types of alimony under Massachusetts law. The four types are:

General Term Alimony: the periodic payment of support to a recipient spouse who is economically dependent. Rehabilitative alimony: the periodic payment of support to a recipient spouse who is expected to become economically self-sufficient by a predicted time, such as, without limitation, reemployment; completion of job training; or receipt of a sum due from the payor spouse under a judgment. Reimbursement alimony: the periodic or one-time payment of support to a recipient spouse after a marriage of not more than 5 years to compensate the recipient spouse for economic or noneconomic contribution to the financial resources of the payor spouse, such as enabling the payor spouse to complete an education or job training. Transitional alimony: the periodic or one-time payment of support to a recipient spouse after a marriage of not more than 5 years to transition the recipient spouse to an adjusted lifestyle or location as a result of the divorce.

 

General Term Alimony is the most … Read More »



How Much Will My Divorce Cost?

What are the legal fees of divorce?Many times one of the first questions a potential client will ask our firm is “How much will my divorce cost?” Unfortunately, there is no straight answer for this question. There are many variable factors that can affect how much a divorce will cost, and there is no “standard” legal fees for a divorce.

One of the biggest factors to determine how much a divorce will cost is whether the divorce is contested or uncontested. With uncontested divorces in Massachusetts (also known as IA divorces), spouses not only agree to get divorce, but agree to the terms of settlement of the divorce. They then jointly file with the court a Joint Petition for Divorce along with a Separation Agreement that outlines the terms of settlement. There is then only one court hearing to approve the documents that have been jointly filed by both spouses. Whereas, in a contested divorce, either one spouse opposes the divorce altogether, or the spouses cannot agree on some of the terms … Read More »



Divorce Mediation: Preparing Your Case

Now that you have made the wise decision to mediate your divorce case, it’s time to do your homework. As you know, mediation provides a mechanism for disputing parties to reach an amicable and well thought out resolution to a divorce, without having to depend on the court to make decisions for you and your spouse. In order to get as much out of your mediation as possible, you need to first do some basic research.

Now that you have made the wise decision to mediate your divorce case, it’s time to do your homework. As you know, mediation provides a mechanism for disputing parties to reach an amicable and well thought out resolution to a divorce, without having to depend on the court to make decisions for you and your spouse. In order to get as much out of your mediation as possible, you need to first do some basic research.

To be sure, divorce mediation is not a formal process like a contested divorce trial would be, but you should prepare your case as though you were going to trial. Whether you will be paying support to your spouse in the … Read More »



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