Impact of Marital Agreements During the Division of Assets in Westoborough
We know that during divorce, your entire world changes. Not only does your family situation change, but the material possessions you may have taken for granted during your marriage may be at risk. For couples experiencing a divorce in Westborough, a division of assets lawyer could act as an advocate and ally, providing creative solutions to conflict over marital property.
In a Westborough divorce, everything that each party has is generally considered a marital asset, even though certain things may eventually be excluded from division as a pre-marital asset. We can help you fight for the property that you deserve whether it is the car, a home, or even trinkets of emotional value.
What is a Prenuptial Agreement and How Does it Affect the Distribution of Assets?
A prenuptial agreement, or prenup, is a contract between two parties entered into before they get married. It can address any issue of what will happen to property, assets, and liabilities if one person dies during the marriage or the marriage terminates through divorce or separation. A prenup can lay out what property will be considered pre-marital and, therefore, not able to be fought over during divorce or after one spouse’s death.
There are a number of requirements that must be met for a prenup to be upheld as valid at the time of a divorce. It is a very specific agreement requiring specific legal terms and clauses which could trump the state protections afforded to a divorcing spouse in relation to the division of assets during a divorce.
What a Postnuptial Agreement is and How it Affects Asset Distribution
A postnuptial agreement does the same exact thing as a prenup relating to the division of assets in divorce cases in Westborough and other counties within Massachusetts. It is a written agreement between the couple that dictates how specified assets and liabilities are divided between them in case of death or divorce. The only real difference between a postnup and a prenup is that a postnup can be created at any time during the marriage, while a prenup must have been filed before the wedding.
A postnup is just another way that you can ensure your assets are protected before it may become a contested issue. With over 25 cumulative years of exclusive family-law experience, we know that divorce and separations can get ugly quickly and ex-spouses may not want to give up what they could get with the protection afforded by the state within a divorce. Drafting pre or post marital agreements may bring you some peace of mind if the marriage should ever fail, especially if you have kids from a prior relationship or substantial assets or interests when entering the marriage.
Debts and Divorce Fees
Just as with anything of value, whether it is real estate or personal property, it must be divided during a divorce. Any financial obligations owed by the couple must also be equitably divided as well, even if it is only held in one person’s name.
The overall cost of a divorce is directly affected by how quickly and efficiently the parties are able to work together to resolve all the contested issues. A typical contested divorce may cost somewhere around $8,500.00 per person. A cheap divorce may cost around $1,500.00, but then there are other cases that go on for years and years and cost hundreds of thousands of dollars per person. It’s very difficult to gauge how expensive your particular divorce will be because there is no crystal ball that will tell us how much of a fight your ex is going to put up. If your ex is a liar and we constantly need to prove that, that’s going to run costs up. If there are allegations of abuse in any way, that can oftentimes run up the overall cost. Essentially, the more complex your divorce and the longer it takes to come to a settlement, the more the legal fees are going to be.
The best way to keep the cost of a divorce down is to try to work through the issues and leave all the anger, resentment, and jealousy at the door. We know treating your divorce like a business transaction is incredibly hard as it is such a personal and hurtful process, but maintaining a level of objectivity and trying to minimize the emotional side of it can help you get through the process more efficiently, with less cost.
Divorce can be costly, and some people would rather just give up the assets they helped build over time in their marriage? That is always a right you retain, but only if you know what it is you’re giving up and why. Only if you know the pros and cons of every decision you want to make.
At O’Connor Family Law, we have firsthand experience with truly drawn-out, high-conflict divorce cases. We head into every case with the objective of getting the best result most efficiently, but we are always prepared to litigate a case if the other side is unreasonable, which, unfortunately, happens rather often. A particular divorce outcome can never be guaranteed, but we’ll be straightforward to help you create realistic expectations about your property division and help guide you to get you the best outcome possible.
Why Should You Contact an Attorney When Dividing Assets in a Divorce?
If you are considering a divorce, you should contact us as soon as possible so we can help educate you and ensure your rights are being safeguarded. It is extremely important to understand what you might be giving up when you enter into certain agreements. Once your divorce is finalized, you will not go back to fix things if you later find out that what you agreed to did not turn out the way you thought it would.
Hiring a great divorce attorney who you can trust is an investment in your future. Our team of amazing divorce attorneys can make sure that you have the best opportunities available for you so you can start moving forward post-divorce.
Ask yourself—on a scale of one to 10, how ready am I to file for a divorce? If you answer seven or above, it is time to get in touch with us in our Westborough office so we can work with you to prepare you for when you answer 10. With our extensive experience, we can help you get into the best possible position when you go to file for divorce. As soon as you call us, we can start working and strategizing on ways to protect your rights, accomplish your objectives, and shield you from what you might find to be unexpected issues and conflict. Call us today as a Westborough division of assets lawyer can fight for the property that we understand means so much to you and your family.