The Massachusetts Probate and Family Courts mandates all parties to file a Financial Statement prior to obtaining a divorce. The Financial Statement requires each party to list all their income, expenses, assets and liabilities.  Whether you are amicably separating or filing a contested divorce complaint, neither you nor your soon-to-be-ex-spouse can divorce without completing and signing this Financial Statement.

The Financial Statement is signed under the pains and penalties of perjury.  If your Financial Statement is inaccurate, deceptive, or misleading, you will significantly undermine your credibility with your Judge.  This could affect your divorce case and even affect any future modification or contempt actions.  If you are represented by an attorney, he/she must also sign your Financial Statement, certifying that it is accurate to the best of his/her knowledge.

Completing your Financial Statement can be a daunting and confusing process.  If you are thinking of filing for divorce, or already in the process, the attorneys at Ryan Faenza Carey can assist you in completing this important and necessary Statement.  Please contact our office at (508) 668-9112 to speak with one of our attorneys.

The majority of divorce cases end in settlement by agreement of the parties. It is imperative that prior to signing a divorce agreement you are fully informed of all of your spouse’s assets. The method of obtaining this information is referred to as “discovery.” Discovery may include formal requests for documents and/or requiring your spouse to answer questions under oath regarding his or her assets.   Failure to obtain full and complete discovery of your spouse’s assets could result in a loss of any interest you may have to said assets in the future should hidden assets be later uncovered. The best means of protection of your interest in these assets is to ensure that any discovery that may be necessary to identify and value all of the marital assets is complete and accurate prior to entering into a divorce agreement.

What is a prenuptial agreement?

In Massachusetts, you are free to contract with your fiancé about what your marital rights are in the event of death or divorce.   Effectively this means prior to marriage you and your spouse plan out what happens if you divorce or die.  While this forces a happy couple to have difficult discussions prior to marriage, it can be a positive experience for the couple. 

Prenuptial agreements are popular for individuals who are remarrying to preserve an inheritance for their children of a previous relationship.  They are also useful in preserving family wealth or wealth accumulated prior to the marriage.  However, prenuptial agreements are also beneficial for practical couples who want to discuss their financial expectations.

Can my fiancé and I hire one lawyer to draft the prenuptial agreement?

When a party signs a prenuptial agreement, he or she is waiving certain legal rights.  Each party should have the opportunity to consult with a lawyer to understand how the prenuptial agreement will impact his or her rights in the event of divorce or death during the marriage. 

If you choose to hire an attorney to draft the prenuptial agreement, that attorney cannot also represent your fiancée as it would be a conflict of interest.   Best practice would be for your fiancé to hire a lawyer to independently review the prenuptial agreement to ensure it is fair and reasonable and conforms with your fiancé’s goals and understanding.   

Massachusetts does not require that you and your fiancé be represented by attorneys; however, it is strongly advisable to do so to increase the likelihood that your prenuptial agreement will be enforced. 

Wait, could my prenuptial agreement not be enforced?

Whether a prenuptial agreement is enforced is determined by a two-step analysis.  First, the court looks at whether the agreement was fair and reasonable at the time it was signed.  The court considers a series of factors to determine what is fair and reasonable, including how soon the agreement was signed to the date of marriage.  A word of caution is to make sure you begin having discussions with your fiancé about creating a prenuptial agreement as early as possible.  The closer to the date of marriage, the greater risk you take in the agreement not being enforced.

Second, the court looks at whether the agreement was ‘conscionable’ at the time of enforcement, meaning is each spouse left with adequate means and employment to support himself or herself after divorce.   

Massachusetts also requires that the parties make a full and truthful disclosure of their financial situation before signing.  Make sure you allow for ample time to gather and exchange financial information with your fiancé.

If you are considering a prenuptial agreement for your upcoming marriage, call Ryan Faenza Carey as soon as possible.

Hopefully, the last words you will ever speak will be your wishes in your Last Will and Testament after you have left this earth. However, if you don’t leave a Will, did you know that the law will decide who gets your money and property? 

And if you aren’t married and don’t have children or parents, whatever you have may go to distant relatives you haven’t seen or heard from in years, or whom you may have never met. 

A recent Boston Globe article depicted such a sad situation where someone that died neglected to “speak” their last words in a Will, creating unintended results to the detriment of his loving step family with whom he was very close for decades.

It’s your money. It’s your property. You earned it. Make sure you decide where you want it to go.  Do a Will and have the last words  you ever speak be your words, and not a legal statute.

Think that dividing assets in divorce is easy and anyone can do it?  Think again.  You may be risking thousands or tens of thousands of dollars if you forget to dot the “i’s” and cross the  “t’s”.  A recent Boston Globe article highlighted the Court case of former Patriots running back Mosi Tatupu. His case underscores the importance of careful and timely drafting and consistency in dividing assets in a divorce. It also illustrates how important it is to fully understand the terms of your settlement.

What Mosi Tatupu’s widow thought she was getting from her former husband’s NFL pension, and what she ultimately got, were two different things. The provisions of the parties’ divorce Separation Agreement, and the court-submitted document dividing the pension (DRO) were inconsistent. After Mosi’s death, his former wife sought to enforce terms of a DRO to divide the pension, and a federal Court in Massachusetts denied her claim.

The division of pensions and other assets in a divorce is complex and should be handled by an experienced professional.  It is essential that you know and understand your rights, as property division provisions are usually final.  Insist on having your rights explained to you and leave nothing to chance; it is unlikely at best that problems with property division can be rectified after the fact. 

We at Ryan Faenza Carey have seen first hand the difficulties and problems that arise in cases such as Mosi’s, among others.  These difficulties and problems can mean the loss of thousands or even millions of dollars down the road.  Consult with one of our experienced professionals.