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Divorce may have negative impact on retirement

The dissolution of marriages in the United States, including in Massachusetts, increased during the 1970s and the 1980s, when baby boomers became adults. As this segment of the population reaches retirement age, they are still getting divorced. Unfortunately, the divorce process appears to have a disproportionate impact on women.

The divorce rate for Americans who are younger has actually dropped in recent years. Still, failed marital unions among individuals above the age of 50 was two times higher in 2010 than it was in 1990. Thus, the risk for dissolving a marriage has stayed constant overall. Nearly 50 percent of marriages may end up collapsing.

Dating while going through divorce can have negative impact

People in Massachusetts may understandably be tempted to date during their divorces. After all, they are likely feeling unappreciated, stressed out and unloved. However, dating during divorce can have major implications both financially and legally.

Dating while the divorce process is going on may be a bad idea. One reason to avoid going on dates while getting divorced is that the other spouse might feel humiliated by one's decision to date. This might make working with the other spouse to achieve a settlement even harder.

Knowing one's marital assets important during divorce proceeding

A large number of Americans, including many in Massachusetts, have to navigate the process of dissolving their marital unions, dividing their assets and dealing with child custody. All divorce situations are unique. However, a couple of tips may help any divorcing individual complete this type of family law proceeding without ruining his or her financial situation.

First, it is important for people to take stock of their marital assets without moving them. In an ideal situation, both spouses have a firm understanding of the value of their joint assets and their account balances. If one spouse does not, it makes sense for him or her to look at old bank statements as well as inventory any existing safe deposit box to make sure that his or her future ex has not been attempting to hide assets or move money. In addition, it is expedient for the person to avoid making large purchases or major withdrawals during the divorce proceeding, as a judge may think the individual is attempting to hide money.

Chapter 11 can be complex for individual, business owner

Chapter 11 bankruptcy typically is used for business reorganizations. However, this type of bankruptcy is not just handy for a business owner in Massachusetts. Individuals can also take advantage of it if they have business debt issues or consumer debt problems.

Individuals have eligibility for Chapter 11 if they have unsecured debt totaling over $360,475. They can also proceed with a Chapter 11 bankruptcy filing if they have secured debt totaling over $1,081,400. An attorney can outline how a Chapter 11 bankruptcy filing may prove beneficial in either of these situations.

Divorce can be particularly difficult on men

The marital dissolution process can be challenging for both women and men, although men face unique challenges in this type of legal proceeding. Their challenges are both mental and financial no matter how much or how little assets they may have. A couple of tips might help men in Massachusetts who are going through a divorce to feel as in control as possible.

Men usually take on the attitude that they will walk away from their marriages with nothing once they have decided to get divorced. Sometimes this is because of pride: The man feels obligated to take care of his family even after deciding to get divorced. On the other hand, some men simply want the entire process done with, so they are willing to accept divorce agreements that are not fair.

Prenuptial agreements can help to protect one's finances

When couples marry, they likely do not anticipate the marriage will end in divorce. A prenuptial agreement essentially dictates which spouse will get what if they end up divorcing in Massachusetts. Although this type of agreement sometimes gets a bad rap, prenuptial agreements are known to soothe the hard feelings and complexities that come with divorce. Getting one drawn up before walking down the aisle can help a person to protect himself or herself financially in the event that divorce is inevitable down the road.

Recent research shows that just two percent of Americans who are married have prenups. The reason for this may be that people are worried about the stigma associated with what these types of agreements might mean. Thus, they prioritize their fears over their own financial well-being.

Managing finances important part of divorce process

The process of dissolving a marriage in Massachusetts can be unsettling, not just emotionally but also financially. Unfortunately, even if a person no longer feels connected to his or her spouse, the two parties' finances are still indeed connected until the divorce process has been finalized. A couple of tips may help people to safeguard their finances during this type of family law proceeding.

First, it is imperative that a person getting divorced prepares a brand new budget. The new budget ideally should reflect the expenses and income associated with the person's new living and working situation following the divorce. With a detailed budget, the person can more easily understand his or her financial status as an independent individual.

New marriage models pose intersting child vistation questions

The changing legal landscape of marriage has resulted in some novel issues. For example, if a same-sex couple has a child via artificial insemination, parenthood may still be defined by biology. The non-biological half of the same-sex couple will be forced to file for adoption of the couple's child.

Another example might be a parent who divorces from a heterosexual marriage and enters into a second marriage with a same-sex spouse. The former spouse might be uncomfortable having the children stay at the other parent’s home in the presence of that parent’s new same-sex spouse. The other parent may event attempt to impose visitation restrictions.

Advertising deception can be a ground for a business lawsuit

Although there is an art to marketing, such as the so-called positive spin, any claims in advertisements must still comply with the standards established by the U.S. Federal Trade Commission. In general, the FTC prohibits deception, such as product claims that are not based in evidence. Companies that break that benchmark standard may find themselves in hot water, as the recent Well Fargo fiasco illustrates.

At a recent appearance on Capitol Hill before the Senate Banking Committee, Wells Fargo’s CEO apologized for the company's failure to fulfill its duty of truthfulness to its customers. The questioning was over allegations that the company created up to 2 million fake accounts in the name of meeting aggressive sales goals.

Factors to consider when choosing a business form - Part 2

Forming a corporation is no small undertaking. Yet there may be reasons for a family business or other form of equity ownership among individuals to make this choice.

Limited liability and corporate forms are generally more conducive to raising capital because investors are shielded form individual liability. A corporation, with its accompanying organizational and formation documents, may be better suited to handle a business’s rapid development and growth. Perhaps a company is launching a potentially risky project and the original owners want to be shielded from personal liability from operational debts and taxes.

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