Oftentimes, among a Massachusetts couple's most valuable assets is their marital residence. Real estate remains a good and reliable investment these days, which means couples who have been together a number of years will have a lot of equity rolled up in their homes.
A previous post on this blog talked about how Massachusetts couples who own a family business together and who are going through divorce have to make some important decisions. Sometimes, couples who have never been married may face similar issues.
It is not uncommon for divorce settlement negotiations to become deadlocked over a marital residence. When both spouses wish to keep the real estate, the claws can come out with a vengeance. There are a few ways in which real estate ownership can be determined or decided by a Judge.
Often times a retirement fund is the largest pot of money at stake within a divorce. Therefore, it probably goes without saying that it is also often a great source of contention. There are rules in place that determine how a retirement account can be distributed, and to whom.
A qualified domestic relations order (QRDO) is the method through which a retirement plan is divided in the event of a divorce. It provides the terms in which a retirement plan administrator should divide and pay plan proceeds. It is a separate order from the divorce agreement itself.
It is quite easy to get caught up in the excitement and anticipation of starting a new family business when your marriage is going great, the kids are happy, you are financially secure and the two of you just bought your new dream home.
When military spouses divorce, ongoing benefits for the non-service member and children pose some concerns. In answer to those, Congress enacted the Uniformed Services Former Spouse Protection Act (USFSPA).
The state that a couple resides in will have a major impact on the manner in which assets can be distributed in a divorce. There are two types of marital property laws a state can fall under: common law property and community property.
Property division can be complex during the divorce process so it is helpful to know what different types of property will be involved and what the legal categories of property are. Property division is a necessary process divorcing couples must go through during divorce and legal resources are available through the family law process to help.
Alimony can be requested by either spouse and can be important to both spouses. Because of how important alimony is, it is important for divorcing spouses to understand the alimony process and what types of alimony may be available.