Showing posts with label financial statement. Show all posts
How much will my Divorce cost?
Every divorce case is different and every case will therefore have different costs. For instance, if you are Tiger Woods your costs could include the loss of endorsement deals, in addition to the more typical costs of attorney's fees, alimony, etc. And that's not even taking into account whether or not you think his poor playing of late is also caused by the stress of his divorce.
To generalize for those of you who are not billionaire celebrities, though, I can tell you that there will still be significant costs to getting divorced and they will include:
1. The Emotional Cost: Divorce is often described as the second most stressful event in a person's life (next to the death of a loved one). We can't ignore that stresses in our life have a cost on our daily productivity, our ability to be optimistic, and our availability to deal with other stressful events. This cost is often best addressed through therapy or family support, and just because it can't be fixed through the legal process doesn't mean it should be ignored.
2. The Financial Cost: The financial price of your divorce has two parts: the cost of splitting up joint finances, and the actual price you will pay to become divorced.
2a. Joint Finances -> Individual Finances: It is a simple fact that it costs more to support two households than one. Whether or not your case warrants child support or alimony, there will still be a cost to dividing up the assets and liabilities that you and your spouse shared during the marriage. Many people will need to learn how to manage their finances, because this is something that their spouse used to do. Even if you helped manage the finances, you will need to consider how your budget will have to change now that you only have access to a portion of the assets you once did. This should include changing how you plan for retirement. All of this begins with a true, accurate and complete Financial Statement. A good Financial Statement is not just a tool for the Court, but can also help you and your attorney figure out how you will meet your budget as a single person.
2b. The Pricetag: And finally, the most obvious cost of divorce is the actual out-of-pocket cost to obtain the Judgment of Divorce. In Massachusetts, the Filing fee for divorce is currently $215 ($200 + $15.00 surcharge), and an additional $5 for the Summons if you filed a Complaint for Divorce instead of a Joint Petition.
In addition to the filing fee, if you hire an attorney their rates and fees can vary greatly. I always recommend that my potential clients interview multiple attorneys. Although cost is certainly one factor, it is my opinion that trust is the most important factor when interviewing an attorney. If you can't trust your attorney, then they won't be able to do their job and you will end up spending more money in the long run anyway.
To learn more about what we charge for Divorce, call Attorney Justin L. Kelsey, Esq. at (508) 655-5980 or click here to schedule a free one-hour consultation.
To generalize for those of you who are not billionaire celebrities, though, I can tell you that there will still be significant costs to getting divorced and they will include:
1. The Emotional Cost: Divorce is often described as the second most stressful event in a person's life (next to the death of a loved one). We can't ignore that stresses in our life have a cost on our daily productivity, our ability to be optimistic, and our availability to deal with other stressful events. This cost is often best addressed through therapy or family support, and just because it can't be fixed through the legal process doesn't mean it should be ignored.
2. The Financial Cost: The financial price of your divorce has two parts: the cost of splitting up joint finances, and the actual price you will pay to become divorced.
2a. Joint Finances -> Individual Finances: It is a simple fact that it costs more to support two households than one. Whether or not your case warrants child support or alimony, there will still be a cost to dividing up the assets and liabilities that you and your spouse shared during the marriage. Many people will need to learn how to manage their finances, because this is something that their spouse used to do. Even if you helped manage the finances, you will need to consider how your budget will have to change now that you only have access to a portion of the assets you once did. This should include changing how you plan for retirement. All of this begins with a true, accurate and complete Financial Statement. A good Financial Statement is not just a tool for the Court, but can also help you and your attorney figure out how you will meet your budget as a single person.
2b. The Pricetag: And finally, the most obvious cost of divorce is the actual out-of-pocket cost to obtain the Judgment of Divorce. In Massachusetts, the Filing fee for divorce is currently $215 ($200 + $15.00 surcharge), and an additional $5 for the Summons if you filed a Complaint for Divorce instead of a Joint Petition.
In addition to the filing fee, if you hire an attorney their rates and fees can vary greatly. I always recommend that my potential clients interview multiple attorneys. Although cost is certainly one factor, it is my opinion that trust is the most important factor when interviewing an attorney. If you can't trust your attorney, then they won't be able to do their job and you will end up spending more money in the long run anyway.
To learn more about what we charge for Divorce, call Attorney Justin L. Kelsey, Esq. at (508) 655-5980 or click here to schedule a free one-hour consultation.
5 Worst Divorce Mistakes - MISTAKE #4: "Do I have to tell the court about EVERYTHING?"
MISTAKE #4: FAILING TO MAKE FULL DISCLOSURE
Another costly mistake that many parties make in divorce cases is failing to disclose all of their assets or debts. As we have previously stated, divorce is about the break-up of a business partnership. If we don't know what went into the partnership, how can we split it up appropriately and completely.
Whether through laziness or deceitfulness, parties often fail to put all of their information on their Rule 401 Financial Statement. Financial Statements, however, are signed under the pains and penalties of perjury as TRUE, ACCURATE, and COMPLETE statements of all of your income, expenses, assets and liabilities. The consequences of lying or filing an incomplete Financial Statement are significant, and could include a Judge finding you to be an unreliable witness at trial (i.e. take all relevant testimony from your spouse only). In addition, if a settlement is reached in your case and it is later discovered that a particular asset was left off your Financial Statement, the settlement could be voided for fraud, and that asset awarded to your spouse.
Not taking the form seriously is such a typical mistake that one of the most common ways that a lawyer will cross-examine a party in a divorce case is to compare different financial statements filed during the course of the case. Carelessness often leads to inconsistencies that can make you look like a liar.
Even worse, parties that think that they can hide assets, are often found out. Not only is all of their testimony suspect from that point on, the Judge is then highly motivated to award an uneven share of the known assets to the other party in the event there are other hidden assets.
In short, take the Financial Statement seriously and don't lie. Full disclosure is the key to a reasonable and quick settlement. Failure to disclose will almost certainly ensure drawn out and expensive litigation.
Click here to view Mistake #3.
Another costly mistake that many parties make in divorce cases is failing to disclose all of their assets or debts. As we have previously stated, divorce is about the break-up of a business partnership. If we don't know what went into the partnership, how can we split it up appropriately and completely.
Whether through laziness or deceitfulness, parties often fail to put all of their information on their Rule 401 Financial Statement. Financial Statements, however, are signed under the pains and penalties of perjury as TRUE, ACCURATE, and COMPLETE statements of all of your income, expenses, assets and liabilities. The consequences of lying or filing an incomplete Financial Statement are significant, and could include a Judge finding you to be an unreliable witness at trial (i.e. take all relevant testimony from your spouse only). In addition, if a settlement is reached in your case and it is later discovered that a particular asset was left off your Financial Statement, the settlement could be voided for fraud, and that asset awarded to your spouse.
Not taking the form seriously is such a typical mistake that one of the most common ways that a lawyer will cross-examine a party in a divorce case is to compare different financial statements filed during the course of the case. Carelessness often leads to inconsistencies that can make you look like a liar.
Even worse, parties that think that they can hide assets, are often found out. Not only is all of their testimony suspect from that point on, the Judge is then highly motivated to award an uneven share of the known assets to the other party in the event there are other hidden assets.
In short, take the Financial Statement seriously and don't lie. Full disclosure is the key to a reasonable and quick settlement. Failure to disclose will almost certainly ensure drawn out and expensive litigation.
Click here to view Mistake #3.
Como divorciar-se quando não falo inglês ?
Mesmo que não fale inglês, o probate & family courts de Massachusetts tem sido acessível a todos. Se você não fala inglês suficiente e tem dificuldade de entender o juiz, ou preencher algum formulário, a court apontara um interprete para estar presente em qualquer audiência Pela Secretaria de Serviço de Interprete.
Lembrando que, se sua língua nativa e português ou espanhol (como representa 86% que não falam inglês das pessoas na court de Massachusetts), a court tem liberado formulário e declaração com instrução nas línguas citadas,que poderão ser acessadas para download aqui.
Versão Inglês / English Version
Versão em Espanhol / Spanish Version
Lembrando que, se sua língua nativa e português ou espanhol (como representa 86% que não falam inglês das pessoas na court de Massachusetts), a court tem liberado formulário e declaração com instrução nas línguas citadas,que poderão ser acessadas para download aqui.
Versão Inglês / English Version
Versão em Espanhol / Spanish Version
¿Cómo me divorcio si no hablo Inglés?
Incluso si usted no habla Inglés, la Tutela y los tribunales de familia en Massachusetts han hecho un esfuerzo para ser accesible a todos. Si usted no habla Inglés lo suficientemente bien como para entender cómodo un juez en una audiencia en la corte o para completar los formularios, notificar al personal del tribunal y hacer arreglos para un intérprete de estar presente en cualquier audiencia de la corte a través de la Oficina de Servicios de Intérprete.
Además, si su lengua materna es el español o portugués (que representa el 86 por ciento de los litigantes que no hablan lnglés en Massachusetts), el Tribunal ha publicado un breve formulario de Estados Financieros e instrucciones en cada uno de esos idiomas, disponible para su descarga aquí.
Versión Inglés / English Version
Versión en Portugués / Portuguese Version
Además, si su lengua materna es el español o portugués (que representa el 86 por ciento de los litigantes que no hablan lnglés en Massachusetts), el Tribunal ha publicado un breve formulario de Estados Financieros e instrucciones en cada uno de esos idiomas, disponible para su descarga aquí.
Versión Inglés / English Version
Versión en Portugués / Portuguese Version
How do I get Divorced if I don't speak English?
Even if you don't speak English, the Probate & Family Courts in Massachusetts have made an effort to be accessible to all. If you do not speak English well enough to be comfortable understanding a Judge at a court hearing or to complete the forms, notify the court staff and they can arrange for an Interpreter to be present at any court hearing through the Office of Interpreter Services.
In addition, if your native language is Spanish or Portuguese (which represents 86 percent of the non-english speaking litigants in Massachusetts), the Court has released a short form Financial Statement and Instructions in each of those languages, available for download here.
Unless the irony of this blog title is lost on you, you're probably wondering how someone is supposed to read this who doesn't speak English. For that reason, we are re-posting this Blog in both a:
Spanish Version / Versión española
Portuguese Version / Versão Português
(with special thanks to the friends of our firm who translated this post for us)
In addition, if your native language is Spanish or Portuguese (which represents 86 percent of the non-english speaking litigants in Massachusetts), the Court has released a short form Financial Statement and Instructions in each of those languages, available for download here.
Unless the irony of this blog title is lost on you, you're probably wondering how someone is supposed to read this who doesn't speak English. For that reason, we are re-posting this Blog in both a:
Spanish Version / Versión española
Portuguese Version / Versão Português
(with special thanks to the friends of our firm who translated this post for us)
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