Massachusetts pharmacists often earn stable and high salaries compared to other careers. However, if a Westwood, MA, pharmacist is self-employed and own a pharmacy, their income can comprise additional components. These components may include but are not limited to bonuses, overtime, and profit-sharing, which could make calculating income in a pharmacist divorce in Westwood, MA, more complicated.
These complexities would be in addition to the other factors that could impact a divorce involving a pharmacist, such as the division of assets and debts, licensing required to become a pharmacist professional goodwill, child custody and child support, and alimony, each discussed in more detail below.
Due to the complex issues involved, it can help to discuss your case with a Westwood, MA, family law attorney so you can better understand your rights and responsibilities.
If a pharmacist owns or co-owns a pharmacy, the pharmacy may be classified as a marital asset, subjecting it to valuation and equitable division. Retirement accounts, stock options, or profit-sharing plans through an employer may also be subject to division in a pharmacist divorce. The same will be true for debts, business loans, or potential liabilities (such as malpractice claims); each could offset, and therefore, affect asset division.
In Massachusetts, all property is considered “marital.” That holds whether a couple owned the property jointly or individually and whether one spouse acquired the property before marriage or during it. Because Massachusetts is not one of the nine community property states where most assets are divided equally, property in a Westwood, MA. divorce will be divided equitably, which may or may not be equal.
Often, one asset will be used to offset another in divorce negotiations. For example, one spouse may be allowed to keep the marital home in exchange for the other spouse receiving a more significant portion of the couple’s retirement accounts.
Equal or not, the division must still be fair. Should a couple involved in a pharmacist divorce in Westwood, MA, not be able to come to an agreement regarding asset division on their own or with the help of alternative dispute resolution, such as a mediator, a judge will evaluate the circumstances surrounding the asset division and render a decision which will be binding. For questions about equitable division in a pharmacist divorce in Westwood, MA, contact Farias Family Law.
One of the most critical steps in a divorce involving a business is determining how to divide said business. This applies to a privately owned pharmacy as well. It won’t matter if you were the spouse who built the pharmacy, the spouse who tended to the household and children so your spouse could work, or if you were a partner in the business; you may be entitled to a portion of it during the equitable division phase of your divorce. That said, what you are entitled to will depend on the value of the business and how much of the value will become subject to equitable division in your divorce.
Under Massachusetts law, all property is considered “marital.” This is true whether the property is owned jointly or individually and whether the property was acquired before or during the marriage. Even so, whether a business will end up being divided in a Westwood, MA, pharmacist divorce will turn on several additional issues.
First, there must be a determination that the business has value beyond the income it generates. If a business cannot be sold, it’s unlikely to have value attributed to it as an asset in divorce. Moreover, if a pharmacist leaves their position or sells the pharmacy they co-own, a non-compete agreement could impact their future earnings, which may be relevant for alimony or child support calculations, discussed in more detail below.
Notwithstanding the above, the factors to consider when creating an accurate business valuation include:
It is worth mentioning that the party primarily responsible for running the business is the one who usually gets it in the divorce. But, depending on its value and the value of other business assets, a buyout may become part of the divorce settlement.
In addition to the value of the business, the length of the marriage and when the company was formed will also be relevant in deciding asset division. If the parties were only married for a year or so, the business is much less likely to be divided in divorce.
Lastly, if a business such as a pharmacy was created once the parties were separated in a financial sense and at the end of their marriage after one of them files for divorce, there is less of a chance it will be included in the division. Whatever the circumstances, a Westwood, MA, family law attorney should evaluate every case individually. Call Farias Family Law for more information.
A pharmacist’s licensing isn’t divisible. However, their professional goodwill (i.e., a pharmacist’s reputation and earning potential) may be considered when determining asset division. A lawyer well-versed in divorces among business owners will not only know the right financial professional, such as a forensic accountant, to help you value a business, but they will also be skilled in negotiating with a high-conflict spouse.
Depending on a pharmacist’s income level relative to their spouse’s, alimony may be a factor. For instance, if one spouse had significantly lower (or no) earnings or put career advancement on hold to care for the family while the pharmacist spouse advanced their career, a court may award alimony to maintain the financially dependent spouse’s standard of living from the marriage.
In a Westwood, MA, pharmacist divorce, a primary goal will be to maintain the parties’ lifestyle as close to their marital circumstances as possible. As a result, alimony is highly likely to be awarded should one spouse have been out of the workforce for an extended period, rendering them less employable and more dependent on the other spouse. This is particularly true if the spouse who wasn’t gainfully employed made non-economic contributions to the marriage, such as caring for the children and managing the household.
Being the lower-earning or non-earning spouse does not, however, mean a windfall for that spouse. The court may use “income attribution” to reduce the paying spouse’s financial burden if it is determined the recipient spouse is unnecessarily unemployed or underemployed. In other words, a judge can assign earnings to the recipient spouse if they believe they should be earning more.
The burden of proof will fall on the paying spouse to show that the other spouse is capable of earning a higher income. Experts who conduct research in this area and can provide reliable information about the recipient’s employability in a specific job market can be helpful in this process.
In Massachusetts, alimony is often paid out over time. This is durational alimony. Alimony may also be paid in a lump sum. Generally, the longer a couple is married and the greater the income disparity that exists between them, the more likely the high-earning spouse will have to pay alimony to the lower or non-earning spouse.
In addition to income, several other factors influence whether an alimony award is appropriate and how much it should be. These factors include:
Finally, the court will consider child support in your case. So, if you have dependent children and will be paying child support, the payment will be factored into an alimony analysis so as not to unduly burden the paying spouse. The court will also consider any existing alimony or child support orders, such as those from a previous divorce. A more in-depth discussion of child support follows.
In Massachusetts, all parents have an obligation to support their children financially. When parents separate or divorce, the details of who is financially responsible for what can become nuanced. If you are considering a divorce or need to modify an existing child support order, a Westwood, MA, child support lawyer at Farias Family Law, P.C. can offer the advocacy you and your family deserve.
Child support is defined as the money a parent pays to provide financial support for their kids. Children need stability and security, and child support helps ensure their standard of living stays the same or as close to the same as possible after divorce. The idea is to cause as little disruption as possible to the children, who may begin splitting time between two homes.
Generally, each parent must contribute to their child’s living expenses, even if a formal child support agreement isn’t in place. A child’s living expenses often include:
Child support is typically part of child custody agreements in a paternity or divorce case and will also be required in situations where parents were never married. One parent usually pays a regular, predetermined amount to the other parent beginning when they separate. Ideally, parents can reach an agreement on their own regarding child support. However, a judge must review and approve the agreement to ensure it abides by Massachusetts law.
Child support and custody are often areas of serious debate between spouses and negotiations can become contentious when parents can’t agree on some or all the terms of an agreement. When this happens, a judge must decide for them. It is important to note that child support may not always be necessary. Still, when one parent’s income is considerably higher than the other’s or one parent spends more time caring for the child, child support may be required. This is so even in uncontested cases.
Like most U.S. states, Massachusetts employs a formula to determine the amount of child support a parent will receive. The formula considers several factors related to parents’ finances and the child’s needs and best interests. These factors may include:
For spouses’ convenience and so they can retain autonomy over their lives without court oversight, Massachusetts offers online and text payment options through the Commonwealth’s website. Paying through the platform eliminates the need for direct interaction between parents regarding payments and provides a record in case of a dispute.
In Massachusetts, all parents must financially support their children until they are emancipated. Child support orders often raise questions about the possibility of modification due to life changes such as alterations in physical custody, significant income changes, long-term disability or chronic illness, the birth or passing of a child, or other circumstances.
The court oversees all child support payments and modifications because orders are legally binding. Therefore, parents cannot simply agree to new terms — any changes must go through the court. This requires filing a petition, after which a family court judge must review, approve, or deny the updated terms. If approved, the judge will issue a formal modification of the existing order.
When parents separate, one of the most important and emotionally charged decisions they will make will concern child custody. Specifically, this will be who the children will live with, when they will see each parent, and how the parents will make decisions about children’s well-being. If you’re dealing with child custody issues, a Westwood, MA, child custody lawyer at Farias Family Law, P.C. can provide additional guidance.
Child custody encompasses physical custody, i.e., who the child lives with, and legal custody, i.e., who has decision-making authority about how the child is raised and cared for. In most cases, both parents have the right and responsibility to make decisions for their children and to spend time with them.
Custody arrangements can vary from family to family. For example, it is possible for one parent to have physical custody but share legal custody. How physical and legal custody is determined will depend on numerous factors concerning the child’s well-being, such as:
Given the differences between custody types, a more detailed explanation of each follows.
Physical custody involves how much time the child lives with each parent. A great deal goes into deciding custody, and parents who have lived together often don’t consider how much is involved in co-parenting after divorce until they are faced with creating a parenting plan. Details regarding physical custody can include:
The child primarily lives with one parent in a sole physical custody arrangement. However, they may still spend scheduled time with their other parent, including overnight stays. The parent with sole custody provides the child’s primary residence, while time with the non-custodial parent is considered parenting time. For primary school-age children, parenting time schedules generally take place on weekends.
In shared physical custody, also called joint custody, the child divides their time between both parents’ homes. While this is often an even split, it doesn’t have to be. A typical schedule includes alternating weeks or structured blocks, such as Monday through Wednesday with one parent and Thursday through Sunday with the other.
The other type of custody is legal custody, which outlines how decisions concerning the child’s well-being will be made and by whom. Similar to physical custody, legal custody can be sole or shared, depending on the child’s needs. Legal custody matters are often important ones and include mainly issues about medical care, schooling, and religion.
Due to the importance of legal custody and how decisions can shape a child’s life into adulthood, legal custody can become a point of contention between divorcing spouses.
Child custody agreements are necessary until the child reaches adulthood. Consequently, as children’s needs change with age and the parents’ lives and needs evolve, child custody agreements may call for modification. Common reasons custody agreements may require adjustments include changes in medical conditions, a parent relocating to a different city or state, or the child becoming involved in time-consuming activities, such as competitive sports.
A pharmacist divorce in Westwood, MA, can raise many questions and heighten stress for the entire family. That said, a family lawyer with experience handling the issues common to these divorces can have a positive influence on outcomes.
At Farias Family Law, whether you are a pharmacist or married to one, we recognize how much is at stake in a divorce and can guide you at every stage of the divorce process while creating a solid foundation on which you can build the post-divorce life you envision. Call our Westwood, MA, office to speak with a member of our legal team today.
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