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.
For couples who are planning to wed, much time and attention is often devoted to planning a wedding. While, at the time, discovering the perfect wedding location and selecting a cake may seem like the most important decisions one will ever make; after the honeymoon period ends, such details are quickly forgotten.
When planning or during the early stages of the divorce process, it's critical to account for all assets either held jointly or in an individual spouse's name. Assets that may be included in a comprehensive list include pension, investment and retirement accounts as well as real estate, personal property, art collections and other types of family heirlooms.
For any individual who is approaching retirement age, ensuring for one's future financial security is often top-of-mind. While many individuals who have invested wisely likely have sizable retirement savings, a later-in-life divorce can complicate and inhibit one's retirement plans.
Many wealthy married couples in Massachusetts take the time to establish a comprehensive estate plan. Via estate planning, a couple can provide clear directives regarding end-of-life decisions related to the distribution of assets. A couple can also establish one or more trusts, account for long-term care matters and name beneficiaries for financial and retirement accounts. In cases where a couple subsequently divorces, it's important to update an estate plan accordingly.
Even in cases where spouses agree that it's time to call it quits and are on good terms, getting divorced is never an easy or pleasant process. This is especially true when a couple has a considerable amount of wealth, as sorting out matters related to dividing assets, what to do with real estate and whether to keep or sell property can quickly become overwhelming and contentious. Add in other highly emotional divorce-related issues like child custody and visitation, dividing personal belongings and family pets, and it's easy to understand why some complex divorces take years to settle.
Divorce is much more than simply choosing to no longer live together. It entails the untangling of an individual's personal and financial lives from that of a spouse and can therefore become exceptionally complicated. This is especially true in cases where a couple was married for many years and has amassed a considerable amount of wealth.
For anyone who is planning or going through a divorce, finances are often a chief concern. Most divorcees want and expect to maintain the same standard of living they enjoyed while married. As fears about how assets will be divided and how those decisions may adversely impact one’s financial position and security mount, some husbands and wives will go to great lengths to hide assets from a soon-to-be ex-spouse.
There's a saying related to the belief that love is sweeter the second time around. In the U.S., this appears to be the case for many divorcees and widowers who are age 55 and older. A 2014 study conducted by the Pew Research Center reported that 67 percent of individuals age 55 to 64 who had previously been married are now remarried. Additionally, individuals over the age of 55 are more likely to report being married three or more times.