McEvoy & Stuntz, LLPMcEvoy & Stuntz, LLP2024-02-27T05:49:31Zhttps://www.mcevoystuntz.com/feed/atom/WordPress/wp-content/uploads/sites/1200932/2020/01/cropped-Favicon-32x32.jpgOn Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475422024-02-22T05:50:00Z2024-02-27T05:49:31ZIdentifying and valuing assets
Of married women, 989,518 divorced in 2022, and a full valuation and accounting of the marital assets is part of the process. Forensic accountants uncover financial information. They examine financial records, bank statements, tax returns and business records to identify the couple’s assets. The assets may include real estate properties, investment portfolios, businesses and intellectual property.
Tracing financial transactions
In high-asset divorces, one party may attempt to conceal assets or transfer funds to offshore accounts to avoid division. Forensic accountants trace financial transactions and uncover any attempts at hiding assets. They examine financial documents to identify irregularities. They ensure that they account for every asset.
Assessing income and cash flow
Determining each party's income and cash flow helps the court calculate alimony and child support payments. Forensic accountants analyze income sources to identify each spouse’s financial resources. These sources include salaries, bonuses, investments and business revenues.
Uncovering financial misconduct
In some cases, one spouse may engage in financial misconduct that can impact the divorce settlement. This misconduct may include embezzlement, fraud or hidden debts. Forensic accountants uncover and provide evidence of misconduct. By presenting this evidence in court, they help ensure that the division of assets is fair. They also help the court address any wrongdoing.
Forensic accountants provide expert testimony based on their findings. Their expertise in financial matters and their ability to present complex financial information clearly and concisely make them valuable witnesses in court.]]>On Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475382024-01-23T11:35:00Z2024-01-26T11:34:27ZTemporary orders and restrictions
Either party can request temporary orders to address financial matters until a final resolution. These orders may restrict certain expenditures, including vacations. This helps maintain the status quo and prevents unfair depletion of marital assets.
Of course, it can be tempting to go somewhere and unwind amid the stress of divorce. Boston Logan has more than 50 nonstop international destinations. This offers plenty of opportunities for different types of vacations. However, people thinking about a vacation should be aware of any existing or potential temporary orders that could affect their spending decisions.
Perception of wasteful dissipation
Courts frown upon one party depleting marital assets in a manner that could be wasteful. This is especially true if it occurs to diminish the other party's rightful share. Planning a vacation amid divorce proceedings could bring the perception of wasteful dissipation, depending on how extravagant the vacation is and whether it is an atypical vacation.
Vacations during divorce can raise concerns about the responsible management of marital resources. The court may study the motives behind such discretionary spending. Spouses should assess their vacation plans to avoid potential accusations of wasteful dissipation.
Financial restraints and legal considerations
Financial decisions can significantly impact the outcome of the divorce settlement. Massachusetts follows an equitable distribution model, meaning the fair but not necessarily equal division of assets. The court assesses various factors to determine what is fair, including each party's contributions, needs and economic circumstances.
Communication and agreement
While the court may have the authority to impose restrictions, spouses can agree on spending between themselves. If both parties agree to a vacation plan and it aligns with their financial circumstances, it may be reasonable. However, appropriate documentation for such agreements helps avoid misunderstandings or disputes later.
Spending money on a vacation during a high-asset divorce in Massachusetts requires careful consideration. While individuals have the freedom to make certain choices, they must be mindful of the potential impact on the overall divorce proceedings.]]>On Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475362023-12-26T10:04:34Z2023-12-29T10:04:04Z1. Promotes open communication
Communication can break down, leading to misunderstandings and increased tension. Mediation fosters open dialogue. It provides a structured environment where each party can express their concerns and priorities. The mediator ensures that both sides have an equal opportunity to speak. This facilitates a more balanced and constructive conversation.
2. Provides customized solutions for asset division
High-asset divorces often involve intricate financial portfolios. These may include properties, investments and businesses. Mediation allows couples to collaborate in crafting personalized solutions for asset division. This tailored approach can lead to more satisfactory outcomes than standard court decisions. It allows couples to consider each other's unique needs and preferences.
3. Preserves privacy and confidentiality
Maintaining privacy is important during a high-asset divorce, where public scrutiny can add to the stress. Mediation operates behind closed doors, ensuring that personal matters stay confidential. This not only protects the reputations of both parties but also creates an environment in which individuals feel more comfortable sharing sensitive information, fostering a smoother resolution process.
4. Reduces emotional stress
Divorce is inherently emotional. High-asset divorces amplify these stressors. Mediation, with its focus on collaboration and compromise, can alleviate emotional strain. By working together to find solutions, couples may experience a more amicable and less adversarial process, contributing to a healthier post-divorce relationship.
While Massachusetts had one of the lowest divorce rates in 2021, 1 per 1,000 population, some couples find it best to part ways. For many, mediation empowers couples to take control of their divorce proceedings and move forward with their lives.]]>On Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475352023-11-21T06:48:28Z2023-11-24T06:47:42ZEquitable division of a business
The divorce rate is decreasing around the nation, and Massachusetts has one of the lowest, according to information from the United States Census Bureau. However, recent statistics find that entrepreneurs have a higher divorce rate than other groups, hitting between 43 and 48%. This is likely because a business takes so much time and adds new complications to the union.
Massachusetts seeks to divide all assets in a divorce in a fair manner, including a business. “Fair” does not necessarily mean a 50/50 split. Rather, the court looks at all factors about each spouse.
Even if you started the business before the marriage, your spouse’s contribution to the company could give them a claim to at least a portion of the business or its assets. Also, if you commingled any of the business’s assets with your personal accounts, the company becomes marital property, and your spouse can typically assert a level of ownership.
The power of a postnuptial agreement
One of the better ways to divide a business or any asset is to agree as a couple on how to divide the company. The court prefers this option as well.
A postnuptial agreement can lay out who gets what in case of a breakup. The agreement should outline the value of the business, what each person contributed and what to do if other factors arise so that the arrangement remains fair.
Common ways to divide the business include:
Both continue to share the company as partners
One of you buys out the other for full ownership
Agree to sell the business and divide the proceeds
If you want to buy out your ex’s share or sell the business, an impartial valuation will be helpful. A qualified or accredited appraiser can do the job.
Communicate as much as is reasonable during the process and try to settle on an agreement to avoid any unwelcome surprises by the court. Diligent preparation might help you keep your business.]]>On Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475332023-10-20T10:10:07Z2023-10-25T10:09:38ZUnderstanding separate property
In most cases, inheritances are separate property, meaning they belong solely to the inheriting spouse. This distinction is important because seperate property remains with the individual owner and does not face division in a divorce.
Maintain clear documentation
To safeguard your inheritance, you must maintain clear and organized documentation. Keep records of all documents related to your inheritance, including wills, trust documents and any correspondence with the person who left you the inheritance.
Avoid commingling funds
One common mistake is commingling inheritance funds with marital assets. When you receive an inheritance, deposit it into a separate account in your name only. Mixing these funds with joint accounts can make it challenging to distinguish separate property during divorce.
If you have already commingled, it might be necessary to hire a professional appraiser or financial expert to determine the exact value of your inheritance.
Transmutation agreement
In some cases, it may be beneficial to have a transmutation agreement in place. This legal document can specify that your inheritance remains separate property, not subject to division in the event of a divorce.
Pre-nuptial or post-nuptial agreements
If you have concerns about the potential loss of your inheritance in the future, consider a pre-nuptial or post-nuptial agreement. These legal documents can outline the treatment of your inheritance upon divorce.
Protecting your inheritance in a divorce requires proactive steps and careful management of your assets. It is possible to retain an inheritance if you take the right actions.]]>On Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475322023-09-27T08:24:33Z2023-10-02T08:24:19ZProviding evidence
Social media is a platform for individuals to share their lives, thoughts and feelings with a wide audience. During the course of a divorce, the other parties can use what people post on social media as evidence in court. This means that seemingly innocuous posts, pictures and comments can become ammunition in legal battles over child custody, alimony and property division.
Consider, for instance, a divorcing parent who frequently shares pictures of extravagant vacations or nights out on the town while claiming financial hardship in court. Such a discrepancy between one's online persona and their legal could impact the court's decisions on matters of financial support.
Inducing more conflict
Social media can become a breeding ground for miscommunication between divorcing spouses. Heated exchanges conducted in public forums can exacerbate already tense situations and lead to more acrimonious divorce proceedings. In some cases, inflammatory posts or comments can become evidence of one's inability to co-parent effectively, potentially influencing child custody decisions.
Backing up accusations
A spouse can use the information from social media platforms to ascertain an individual's lifestyle, habits and associations. This can have implications for divorce cases involving allegations of infidelity, substance abuse or other questionable behavior. Pictures, check-ins and tagged locations can serve as evidence in support of or against such claims.
Causing more distress
It can also be a source of additional emotional distress for those going through a divorce. Seeing a former spouse move on, post about new relationships or engage in once-shared activities can be emotionally challenging. This emotional turmoil can spill over into court proceedings, affecting one's ability to make rational decisions and potentially harming their case.
Social media can influence a divorce in a variety of negative ways. Therefore, it is essential for individuals going through a divorce to exercise caution and prudence when it comes to their online presence.]]>On Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475312023-08-16T10:23:44Z2023-08-21T10:23:30Zusing your former spouse’s work record after a split.
What makes you eligible to do so
Whether you or your ex may receive Social Security retirement at all depends on two variables: age and work history. Say your ex qualifies for Social Security based on his or her work record and you do not. You may still be able to get these benefits as long as your marriage to an eligible party lasted, at minimum, 10 years.
How much you might get
If you decide to collect Social Security using your ex’s work history, then you may receive, at most, half of the amount your former romantic partner does each month. Thus, if your own work history also makes you eligible for these benefits, it is worth figuring out if you would receive more collecting 100% of your own benefit or 50% of your ex-spouse’s. The amount received depends on the recipient’s average monthly earnings over an extended period.
Data shows that about 30% of Americans have no idea collecting Social Security using an ex’s work history is even an option.]]>On Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475272023-08-04T00:27:17Z2023-07-20T06:32:53ZNavigating Massachusetts divorce law
Massachusetts follows an equitable distribution system in a divorce. This approach means that the court divides marital property in a manner it deems fair but not necessarily equally. The court bases its decision on several factors, including the length of the marriage, the parties' behavior during the marriage and each spouse's income and future financial needs.
Distinguishing marital from separate property
State law defines marital property as all assets acquired during the marriage, regardless of who owns the title. In contrast, separate property comprises assets owned before the marriage, gifts one spouse received during the marriage or inheritances one spouse received either before or during the marriage.
Inheritance: marital or separate property?
Your inheritance generally qualifies as separate property, even if you received it during the marriage. This classification means it is usually safe from division in a divorce. However, there are exceptions to this rule. If you have mixed your inheritance with marital assets — for instance, depositing it into a joint bank account — the court might classify it as marital property.
Safeguarding your inheritance
Keeping your inheritance separate from marital assets can protect it. Avoid mixing inherited funds or property with marital assets, such as joint bank accounts or homes. Maintaining separate records of your inheritance can help shield it in the event of a divorce.
The challenges of dividing assets in a divorce can indeed be daunting, especially in the face of already stressful circumstances. But by keeping your inheritance separate, you can protect your assets. Being aware and proactive ensures your financial security and helps you transition smoothly through your divorce proceedings.]]>On Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475262023-08-04T00:26:44Z2023-06-16T07:17:38ZMediator or conflict resolution specialist
A mediator or conflict resolution specialist can play an important role in facilitating communication and resolving disputes between divorcing spouses. They are neutral parties trained in conflict resolution techniques and can help you and your spouse reach mutually beneficial agreements.
Financial advisor or certified divorce financial analyst
The financial aspects of divorce can be complex, involving the division of assets, determination of spousal support and evaluation of the long-term financial impact. A financial advisor or CDFA can provide guidance on financial matters, such as budgeting, asset valuation, tax implications and the potential long-term consequences of different settlement options. Their expertise can help you make informed decisions that align with your financial goals and ensure a fair division of assets.
Therapist or counselor
A therapist can help you navigate the emotional rollercoaster, process your feelings and develop coping strategies. They can also provide guidance on how to effectively communicate with your ex-spouse, manage co-parenting challenges and prioritize self-care throughout the divorce process.
Child specialist or parenting coordinator
If you have children, involving a child specialist or parenting coordinator can be beneficial. These professionals focus on the well-being of children and can provide guidance on co-parenting strategies, help with age-appropriate explanations about the divorce and address any concerns or challenges related to child custody or visitation.
Seeking professional assistance can alleviate some of the burdens associated with divorce and help you achieve a more positive outcome.]]>On Behalf of McEvoy & Stuntz LLPhttps://www.mcevoystuntz.com/?p=475252023-08-04T00:27:22Z2023-05-25T08:45:36Zchild custody arrangements, and it is helpful to understand how the courts will determine custody during your divorce.
Prioritizing the child's well-being
When determining custody, the court prioritizes the child's physical, emotional and developmental well-being. It carefully evaluates factors such as the child's age, health and educational needs to ensure their overall stability and growth.
Assessing parental fitness
The court assesses each parent's ability to meet the child's needs and provide a safe, nurturing environment. It considers factors such as parenting skills, mental and physical health, and the willingness to support the child's relationship with the other parent.
Taking the child's preference into account
If the child is of suitable age and maturity, the court may consider their reasonable preference regarding custody arrangements. However, the child's preference is just one factor among many, and will not hold the most weight in determining custody.
Evaluating the parent-child relationship
The court evaluates the nature and quality of the parent-child relationship, including each parent's involvement in the child's life, their ability to communicate and their willingness to co-parent effectively.
It is essential for parents to understand the factors involved in child custody decisions and work towards a cooperative and child-centered approach. By prioritizing the best interests of the child, Massachusetts courts seek to ensure that custody arrangements promote the child's overall welfare and lay the foundation for a healthy and stable future.]]>