It's New Year's Eve and as residents throughout Massachusetts prepare to ring in 2016, many are likely reflecting on the status of their relationships and personal lives. For those individuals who are going through or who plan to soon file for divorce, the process can be mentally taxing and emotionally draining.
When making any type of life-changing decision, it's always best to know what you're getting yourself into. Prior to making a big decision, most people do some research to determine their best options and the associated pros and cons. For those Massachusetts residents who are contemplating filing for divorce in 2016, this same process should be taken with regard to an impending divorce.
Most people who are planning to marry can benefit from establishing a prenuptial agreement. This is especially true for individuals who have a considerable amount of assets prior to marrying as well as those who have a stake in a family business. In order to ensure that the terms of a prenup are legally binding and, if necessary, will hold up in court; it's important to turn to an attorney for advice and assistance.
For many divorcing couples, coming to an agreement about how to divvy up assets and property is the most important and time-consuming part of the divorce process. Depending on an individual's age, after real estate, retirement assets may be among one's most-valuable assets. It's crucial, therefore, to understand how retirement assets are valued and how to avoid tax penalties when transferring assets from these accounts.