When couples in Massachusetts decide to divorce, they need to take steps to protect their finances. Divorces can wreak havoc on the finances and credit of divorcing spouses. It may be a good idea for people who want to divorce to meet with a financial advisor and a family law attorney before filing so that they can better understand the financial impacts they might face and take steps to protect themselves.
A prenuptial agreement can help a Massachusetts couple outline how they will handle a business owned by one of them in case they divorce. One thing a prenup can do is establish the business's value at the time of the marriage. This information will allow the couple to determine how much the business has appreciated during the marriage if they get a divorce and divide its value based on that appreciation.
As the home of many colleges and universities, Massachusetts clearly promotes education as a worthy goal. Financing an education with loans, however, increasingly burdens people and adds to financial stress within their marriages. Money problems have long been known to lead to divorce, but the prevalence of student loans has emerged as a specific type of financial hardship that erodes long-term relationships.