Divorce is Common & Costly
Divorce is common. In 2020, 41% of all first marriages ended in divorce. A divorce is often a huge financial hit to both the husband and the wife. Worse, children are always caught in the middle of an acrimonious divorce. A hotly contested divorce can last for years. A Massachusetts divorce that goes to trial can cost each litigant tens of thousands of dollars in legal fees & costs. After the litigation is over, the judgment of divorce will divide your assets and your liabilities. Each party has no say. The law and the judge decide. It is a horrible experience.
The Judge Decides, Not You.
After your assets and liabilities are divided, the court in its discretion may award alimony. In Massachusetts, alimony is dependent on numerous factors. One of the biggest factors is the length of marriage. For example, if you are married for 11 years, an alimony order could last for as long as 7 years. This award is given by the trial judge. The trial judge in Massachusetts Family and Probate court has enormous discretion.
Prenuptial Agreement: Control Your Money & Your Future
A Massachusetts Prenuptial Agreement grants both parties control over the division of their assets and liabilities in the event of a divorce. In Massachusetts, the parties can waive their rights to alimony with a prenuptial agreement. Also, Massachusetts now allows for post-nuptial agreements. This allows for parties to come together – after the marriage – to enter into a contract that describes the division of assets and liabilities.
Fair and Reasonable Agreement
The standards for a prenuptial agreement are fair & reasonable both at the time of the signing of the Massachusetts Prenuptial Agreement and at the time the Prenuptial Agreement is enforced, i.e., upon the divorce of the parties. The standard is not an unreasonable one. Both parties should have good faith in negotiations and be honest and transparent.
Attorneys Should Handle the Drafting and Negotiation of Prenuptial Agreements
In order for a Massachusetts Prenuptial Agreement to be enforced here are some of the requirements: 1. Both parties should have legal representation; 2. Both parties must have a complete and full disclosure of all assets and liabilities at the time of the execution of the Massachusetts Prenuptial Agreements; and 3. the Judge at the time of enforcement must determine the Prenuptial Agreement to be fair & reasonable both at the time of the signing of the Prenuptial Agreement and at the time of enforcement.
Income During the Marriage & Separate Property
One of the most important factors to consider when contemplating a Massachusetts Prenuptial Agreement is the definition of “Separate Property.” Meaning, what property will not be divisible upon a divorce. This can be very broad. In Massachusetts, you may define “Separate Property” to include income and property received during the marriage. In other words, all the income and property you obtain during your marriage is not divisible upon the divorce.
This protects both parties. In 2022, both parties have income. Both parties will have inheritances, cryptocurrency, NFTs, and much opportunity for financial gain during their marriage. The Massachusetts Prenuptial Agreement insures fairness for both parties.
If you are considering a Massachusetts Prenuptial Agreement, call Attorney Anthony Rao now at 617-953-0836. Attorney Rao has vast experience in drafting Massachusetts Prenuptial Agreements, including Prenuptial Agreements that protect income streams during the marriage, real and personal property, as well as Prenuptial Agreements that protect non-fungible tokens, and cryptocurrencies. www.lawrao.comAnthony Rao, Esq.