The goal of your Massachusetts divorce process is not only to put a legal end to your marriage so that you can move on with your life. The goal of your divorce process must also include the negotiation a fair settlement agreement, so that when you do move on, you'll have a financial footing that's as firm as possible.
When you are going through a Massachusetts divorce, there are a number of different outcomes that may occur in addition to dissolving your marriage. One such outcome is alimony, which is a legally binding financial agreement between a couple that can be awarded during divorce proceedings. Alimony, also known as spousal support, is usually awarded when one spouse has a significantly larger income than the other. In that case, the court mandates regular payments in order to assist with financial security when the divorce is finalized.
Traditionally, when society speaks about or thinks of alimony, it has been given by Massachusetts men to their ex-wives. However, in the last few years, there has been an increase in the number of men requesting and receiving alimony. As the number of women climbing the career ladder rises, so does the number of stay-at-home fathers, as well as the number of men seeking alimony. Women are now actually the top earners in one-third of all marriages, and as women continue to narrow the income gap, it has resulted in some unforeseen consequences, especially when it comes to divorce.
The amount of income of your Massachusetts spouse or co-parent has wide ranging significance in your divorce or child support dispute. The amount of both your and your spouse's income will affect whether you're entitled to spousal support and in what amount, how your and your spouse's assets will be divided, and the amount of child support. If you or your spouse does not work a traditional salaried job, showing how much income is available after business expenses are paid can be difficult, and could even provide an opportunity for your spouse to conceal income.
When you go through a Massachusetts divorce, it can be both financially as well as emotionally painful. Moreover, if your former spouse suddenly files for bankruptcy, things can be even more stressful for you as there is a possibility that your financial stability can get greatly affected. Divorce, as well as bankruptcy, may have a great impact on your financial position in various ways based on the new circumstances of your ex-spouse.