Divorce Finances Lawyers In Melrose Helping Clients Protect Their Assets
When dealing with the multitude of issues that accompany a divorce, one of the most important that a person can consider is their finances. Your financial future should be one of your top priorities when making decisions related to your divorce settlement. Of course, it can be extremely difficult to make these types of decisions on your own with all of the other issues that you have to deal with at this time.
The lawyers of the Martino Law Group, LLC in Melrose, MA, have the qualifications and necessary experience to help you secure a stable financial future for yourself. Ensuring that you are financially stable takes on an even greater degree of importance if you have children, as their well-being takes priority over other financial considerations.
Our attorneys will be happy to review your case and analyze the various financial aspects that are pertinent to your circumstances. Several factors that are critical to take into account when considering divorce finances are:
- Child support
- Property division
- Division of marital debts
Divorce can have long-lasting financial effects that can continue to impact your life. Be certain that you hire an attorney who has a proven record of successful results.
What is Discovery in the Divorce Process?
Massachusetts has many safeguards in place that allow individuals to be certain that the other party in a divorce action is not attempting to hide income or be untruthful in regard to their assets. Discovery is a legal tool that allows parties to request and receive information and documentation that is valuable and relevant to their divorce action. The documentation includes tax returns, pay stubs, and other data pertinent to divorce proceedings. The discovery process is a vital aspect of enabling a party to build their case and helps to strengthen the ability to negotiate in the courtroom.
Hiring a lawyer who has experience in analyzing financial documents obtained during the discovery phase of your divorce proceedings is imperative for you to be able to obtain a settlement that is in your best interests. Our attorneys have the skills necessary to properly evaluate all financial records and documents that may be presented.
What are the Two Mandatory Financial Forms That Must be Submitted in a Divorce Action?
Regardless of whether or not your divorce case is contested or uncontested, Massachusetts requires two mandatory forms of discovery. These financial disclosure forms are required to be submitted within 45 days of the date of service in which the divorce complaint was filed.
The two financial forms required by law are:
Rule 401 Financial Statement
There are actually two versions of this particular statement: a long-form and a shortened version. The long form must be filled out by individuals who earn an income of $75,000 or more annually. The short form is to be filled out by individuals who earn less than $75,000 annually.
Both the long and short-form versions consist of the following sections that must be completed:
- Personal information
- Gross weekly income
- Weekly expenditures
- Legal fees
In addition, if either party is self-employed or has a stake in a business, they are also compelled under Massachusetts law to complete and file a Schedule A form. The Schedule A form documents the individual’s monthly gross receipts along with business expenses. Also, if either party has financial gains acquired from rental property, they are required to complete and submit the Schedule B form. This form provides information about the amount of rent received along with expenses that must be paid for the rental property. All individuals going through a divorce are required by law to fill out the applicable long or short form. Failure to do so may result in a charge of perjury.
Rule 410 Mandatory Self-Disclosure
This form is also due 45 days from the date the divorce summons was issued. The form asks for the following information:
- Federal and state income tax returns for the past 3 years, including information related to corporate returns, including W-2s, 1099’s, 1098s, K-1, and Schedule C and E.
- The four most recent pay stubs from employer(s)
- Documentation in regard to the nature and cost of health insurance coverage
- Bank statements for the past three years for individual or joint accounts
- Statements for the past three years in regard to stocks, bonds, 401K, or IRA investments held both either one individual and both parties
- Loan or mortgage applications for the past three years made by either party in the three years prior to filing for a divorce
- Statements that are applicable to any other assets or liabilities held by either party for the past three years prior to the divorce complaint.
Why Should I Hire A Divorce Finances Attorney?
One of the most contentious aspects of a divorce can be the division of assets that a couple has acquired during their marriage. If you do not make wise decisions about how these assets should be divided, it can have a negative impact on your life.
A qualified divorce finances attorney has the resources and experience necessary to find assets or income that your spouse may be attempting to hide or is not willing to be forthcoming about in your divorce action. Often legal matters related to the two financial disclosures may be overly complex. A skilled divorce finances attorney can help you achieve peace of mind in knowing that all financial information has been properly disclosed in your legal proceedings.
Does the Martino Law Group, LLC Have a History of Getting Results for Their Clients?
The Martino Law Group, LLC is proud to serve the citizens of Melrose, MA, and the surrounding areas. Our priority is to help our clients resolve the legal issues that relate to their divorce with the least amount of stress possible. We are firmly committed to fighting for an outcome that is fully favorable to you.
One of the best decisions that you can make is to consult with a family law lawyer who can advise you as to your best course of action to protect yourself. Contact the Martino Law Group, LLC by calling (781) 606-9002 and ask to schedule a free consultation.