Although Massachusetts couples who are planning to walk down the aisle are likely focused on love and companionship, the act of getting married ultimately creates a financial union as well. When divorces happen, they must disconnect the partners' financial ties. Prenuptial agreements could support this process by preventing costly delays and disputes. Financial issues commonly addressed by these contracts often include student debt, business assets and income disparity between the prospective spouses.
Living together before marriage could raise a Massachusetts couple's divorce risk over the long term, according to a study that was published in the September edition of the Journal of Marriage and Family. Researchers used data from the National Surveys of Family Growth on women younger than 45 who were in first marriages between 1970 and 2015.
Certain personality traits could eventually erode happiness between spouses in Massachusetts and result in divorce. This is especially likely when a spouse fails to address their bad habits or recognize the needs of their partner. According to psychologists, some of the most damaging personality traits include materialism, fragile egos, narcissism and selfishness.
A Massachusetts couple considering divorce might also reflect on the various causes of the situation. In some cases, employment might play a part in the issues that develop. A study from two Stockholm University researchers reveals that jobs in certain industries can be factors in the demise of a marriage.
People ending their marriages in Massachusetts have many financial matters to consider before reaching a final agreement. For parents, their divorce settlements should address college expenses for the children. Even if children are young and college is years away, a divorce agreement that addresses the topic could create an obligation to assist with expenses. This provides greater security than broaching the subject of paying for college with an ex-spouse years later.
Older couples in Massachusetts face unique challenges when they go through the divorce process. These so-called "gray divorces," which involve spouses over the age of 50, are more likely to involve issues with asset division and retirement savings plans.
Tax laws and other financial matters have always had a significant impact on how Massachusetts couples divorce. Now, with the Tax Cuts and Jobs Act of 2017, divorce planning is sure to go through significant changes to match the radical difference in how spousal support payments will be handled. The changes will go into effect with the new year in 2019, but they will only affect people who finalize their divorces in 2019 or later. Some couples are hurrying to finalize their divorces on or before December 31, 2018 in order to preserve the current tax treatment.
Divorce in Massachusetts has the potential of creating financial implications that can last for years. A new report released from the Center for Retirement Research at Boston College underscores the impact of divorce and explores the long-term financial challenges for retirement planning.
Divorce can be uniquely challenging for many couples in Massachusetts. The end of a marriage is often accompanied by a range of dramatic financial, practical and emotional changes. During this period, it's important to keep some key guidelines in mind in order to avoid making errors that could be costly in the future.
Many Massachusetts residents may be aware that gray divorces (those that occur after the age 50) have increased over the past few decades. In fact, it is estimated that 25 percent of all divorces are gray divorces. There are a number of factors that may have caused this increase.