In every Massachusetts divorce matter, parties are required to file financial statements with the Court within 45 days of service of the summons and to update and file new financial statements for each court appearance at which financial relief is sought, as well as at the time of pre-trial and trial. A party who earns less than $75,000 per year will complete the short form financial statement. A party who earns more than $75,000 per year will complete the long-form financial statement. While only the long-form financial statement requires notarization of the party’s signature, both the short form and the long-form are signed under the penalties of perjury. A party signing a financial statement must certify that the information contained therein is true, accurate, and complete. A willful misrepresentation on a financial statement subjects the party to sanctions, including criminal penalties. While I have yet to see anyone criminally punished for information contained in or missing from a financial statement, I have seen litigants suffer the consequences of their failure to take the necessary time to accurately complete the financial statement – namely, losing credibility in front of the trial judge. If a trial judge determines a … Keep reading
On Friday, October 16, 2020, the Appeals Court released two unpublished decisions further defining and clarifying the durational limits of alimony in Massachusetts under the 2012 Alimony Reform Act: Clement v. Owens-Clement and Clemence v. Sklenak. In this blog post, I will discuss the first – Clement v. Owens-Clement – which addressed the question of whether a Court has statutory authority to grant a deviation from the durational limits on a complaint for modification filed after the presumptive durational limits had already expired.
In the Clement case, the parties were divorced after six years of marriage. In their Separation Agreement, both parties waived the right to past and present alimony but left open the option to seek alimony in the future. Approximately four and a half years after the divorce, and over a year after the presumptive durational limits of alimony under the Alimony Reform Act expired, the wife filed a complaint for modification seeking alimony from the husband on the basis of her complete disability and inability to support herself. The wife underwent surgery for removal of a large brain tumor, continued to suffer from a seizure disorder, nerve damage to her face, and hearing loss, and … Keep reading
A prenuptial agreement, signed before the big day, allows a couple to determine how assets and income will be handled at the end of a marriage, whether by death or divorce. A postnuptial agreement, which serves a similar purpose, is signed during the marriage. While the two are alike, they have critical differences, including what is required to make these contracts enforceable.
In the sixth episode of our divorce-focused webinar series, Robin Lynch Nardone and Elizabeth Crowley cover essential questions: Is a prenup right for you and your relationship? Will a postnuptial agreement put you at ease and help bring back marital bliss? Register now to learn more about these two types of contracts and how they can benefit you (and your marriage).
Retirement accounts and benefits can be among the most valuable assets owned by parties who are divorcing. While parties can agree within their Separation Agreement to divide retirement assets between themselves in a particular way, the Separation Agreement itself is not a directive to the plan administrator (the person or company responsible for managing a retirement fund or pension plan on behalf of the participants) and will not suffice on its own to accomplish a division of retirement assets. Another separate order signed by the judge and sent to the plan administrator is necessary to effectuate the division of certain retirement benefits.
ERISA qualified retirement plans
ERISA (Employee Retirement Income Security Act of 1974) is a federal law that sets standards and provides protection for people participating in retirement and health plans in private industry. ERISA covers both defined benefit plans (pensions) and defined contribution plans (401(k), certain deferred compensation plans, and profit-sharing plans) offered by private employers. When a private defined benefit plan or defined contribution plan is divided as part of a divorce, a Qualified Domestic Relations Order or QDRO is needed.
A QDRO is a specialized court order that directs the plan administrator to allocate all … Keep reading
Perhaps growing up in Los Angeles took some of the fun out of celebrity gossip, but I never understood the fascination with stories about what is in the shopping cart of the (often shorter than advertised) celebrity standing in front of me at the grocery store. One aspect of celebrity gossip that has piqued my interest in recent years has been celebrity divorces, or more specifically, the public’s reaction to celebrity divorces and how it mirrors a lot of the same misconceptions we hear as divorce practitioners.
The fairly recent divorce between Amazon founder (and the reason most celebrities no longer go to the grocery store), Jeff Bezos, and his now ex-wife, MacKenzie Scott, comes to mind as a situation in which everyone seemed to have a “hot take” about the couples’ divorce financials. Given the staggering wealth being divided in the divorce, one of the comments I regularly saw on social media was “what did she do to deserve that much of his money?” Despite the misguided gender stereotypes being at an all-time high, the short response (as confirmed by Mr. Bezos, himself) was “a lot.”
In the third edition of this series about demystifying myths on dividing … Keep reading
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