Divorce can ruin a business if steps are not taken in advance to protect it. This is especially true when the co-founders of the business are the ones who are married. If you’re thinking about starting a company with your spouse, even if you feel like you’re never going to get divorced, it’s wise to have a plan in place. Most people ignore this because they don’t think they’ll get divorced, but it can sink the company if it happens. First off, some experts say its wise to make the agreement biased in favor of the business. Put in provisions that protect it even more than anyone’s personal interests. Next, set up buy and sell contracts in advance. One of the big issues is when one partner decides to leave and wants to sell of his or her ownership. Battles over how this should be done can take a long time, and an agreement that favors the seller may still harm the company. With the agreement in place in advance—and in favor of the company—you know what to expect. As you do all of this, be sure you have an accurate valuation done on the company. Never assume you know what it’s worth or let the other person decide. You both are going to be biased in this decision. A third party can give you a real-world valuation so that you know just what it’s worth and what a fair split looks like. Above all else, the key is to

When it comes to matters of property division, some people have it easier than others. But even if you believe your situation to be relatively simple, you may find that this is not the case as you make your way through the process and begin to review your many assets and debts. High net worth divorces, in particular, often lead to property division challenges. These need to be addressed without delay, ensuring that both parties understand what’s to happen and how it will impact them now and in the future. Here are some of the items that can make property division more complex: — Business ownership. — Real estate, including vacation homes. — Stock options and bonds. — Bank accounts and bonuses. — Retirement funds, including military pay, IRAs, and pensions among other types. — Antiques and collectibles, such as sports memorabilia and art. Before anything can be done, you and your spouse must have an accurate idea of your net worth. From there, it is easier to move forward with property division, although there are sure to be some “sticking points” along the way. Due to all the challenges valuing the items detailed above, it’s important to work side by side with an experienced law firm. We have helped many people work through property division, eventually ending up in a place they are comfortable. If you have any questions about property division, if you want to learn more about your situation, don’t hesitate to contact us. You can do

The United States lacks a uniform law regarding what is to be done with engagement rings during a divorce. While there are more expensive assets, rings can cost thousands or even tens of thousands of dollars. Additionally, because of what they symbolize, they can often be points of contention during the property division process. Since there is no set law, courts consider many different factors. They tend to look at engagement rings in one of two ways, which are as follows: 1. The ring was an absolute gift. In these cases, the court determines that you decided to present the other person with the gift, and it then became your spouse’s possession. You gave up all rights to it at that point, and you can’t ask for it back because ownership was transferred. 2. The ring was a conditional gift. In these cases, the court may decide that you only gave the ring as a gift with a condition, which you stated at the time when asking your spouse to marry you. If your spouse is now breaking off that marriage, you may be able to argue that the condition was broken and so the gift should go back to you; it was only to belong to your spouse as long as the marriage lasted. Now, there are other factors and stances to be considered, such as whether or not fraud was involved—if someone said “yes” to the proposal just to take the ring, planning all along to ask for

With all of the paperwork that must be done and the decisions that must be made when going through a divorce in Massachusetts, it is possible to forget about certain things or overlook them. When it comes to marital assets, though, it’s important to remember everything so that you don’t lose out during the process of property division. Here are a few key things to remember: 1. Employee benefits. This could include a pension plan, for example, which may need to be divided for the future. 2. Carryover totals for a capital loss. These can be used in future years for tax purposes and could have an impact on what is owed or refunded. 3. End-of-life purchases. For example, a couple may have purchased a cemetery plot. Funerals and burial expenses are only getting more costly every year. 4. Collectible items. Some memorabilia—like a signed football jersey or an autographed guitar—can be worth quite a bit. Be sure to look through the storage carefully for items that may have been forgotten. 5. Memberships that are paid in advance. This could be a membership to a yacht club, a country club, or something else of this nature. 6. Gifts from a spouse. Technically, even if a gift was given from one spouse to the other, it still counts as marital property that is owned by both people. As such, it can be divided along with other assets. This is true for gifts given after the wedding day, but not for any

Preparation is the key to a smooth divorce. The more you can do in advance, the better off you’ll be as you seek an equitable division of property. Below are a few key areas that you want to consider as you move toward the split, along with some good questions that you can ask: Real Estate Do you own your home? How much equity do you have in the house? Do you own any other properties or types of real estate, such as vacation homes or condos? Assets in the Home How much did your home furnishings cost, and how do you want them to be split? Do you have any really valuable items, like artwork, collectibles, or other things of this nature? Your home may be the main value, but the things inside can be worth tens of thousands of dollars. Investment Portfolios Money that you’ve invested isn’t something you’re going to see on a daily basis, but you absolutely don’t want to forget about this money, especially if you’re saving up for retirement. Do you have a pension plan or a trust fund to consider, as well? Are both you and your spouse named on these accounts? Vehicles Remember to think beyond just the family car. Do you have a motorcycle, a recreational vehicle, a sports car, or a boat? Did you buy these in your name alone, or are they in both of your names? These are just a few of the big areas that you want