For those who are not prepared during a divorce or other breakup, experiencing tax fallout can feel like getting the wind taken out of them. In other words, they may be blindsided, that is, totally unprepared to account for thousands of dollars in additional tax liabilities or lost tax savings.
A previous post on this blog talked about the possible tax consequences of a divorce. While it is very important for a couple to consider all the tax implications of a divorce, there are other important financial issues and implications a person needs to think about as well.
Most Springfield, Massachusetts, residents know anecdotally that divorce is a stressful experience. It only makes sense that the end of a relationship would come with some emotional stress and psychological turmoil.
As this blog has mentioned previously, couples in Massachusetts are legally authorized to enter into what are commonly referred to as prenuptial agreements, or even just "prenups." While these agreements can be very helpful in the event of a divorce, they are also useful for even happily married couples who, for instance, have children from a prior relationship.
There are many Springfield, Massachusetts, couples who are not only romantically involved but also partners in life and business. Happily married couples who own a business together will ordinarily be able to get along well enough when it comes to running the affairs of their company and, oftentimes, will be able to enjoy their profits together.
It has not been long in this country's history that same sex marriages have been recognized. For generations the legal union between two men or two women was prohibited by law. Couples in Massachusetts and through the rest of the nation who were unable to marry missed out on many of the benefits that heterosexual married couples were able to enjoy.
Often when a Springfield resident begins the process of ending their marriage through divorce they have concerns over how the property they share with their partner will be divided. In states like Massachusetts individuals may own property with their spouses or on their own. While separate and individual property is maintained by the individual owners, marital property must be divided in a fair and equitable manner.
A divorce is a significant form of loss. It is the loss of a relationship and the end of a stage of a person's life that, at one time, they may have thought would last forever. Massachusetts residents who have had to endure the difficult process of divorce or who have witnessed friends and family members go through it understand that as a marriage ends a whole host of questions and concerns may begin.
When a Springfield resident works long enough in a job that qualifies for Social Security he or she may, once reaching the minimum threshold age, begin to receive financial benefits from the Social Security Administration. These payments can help people maintain their lifestyles throughout their retirements, and may help them provide for their spouses as they enter the later phases of life. In some instances, the spouses of Social Security recipients may receive benefits through the recipients' earnings. However, divorce can preclude this option if the couples were not married long enough to qualify.
Marriages end for many reasons. While some couples naturally drift apart, others make unexpected and shocking discoveries about each other that bring their relationships to quick ends. In Massachusetts, individuals have a variety of grounds on which to base their divorce fillings, which can include, but do not have to utilize, claims of fault.