Managing finances important part of divorce process

| Sep 30, 2016 | Divorce

The process of dissolving a marriage in Massachusetts can be unsettling, not just emotionally but also financially. Unfortunately, even if a person no longer feels connected to his or her spouse, the two parties’ finances are still indeed connected until the divorce process has been finalized. A couple of tips may help people to safeguard their finances during this type of family law proceeding.

First, it is imperative that a person getting divorced prepares a brand new budget. The new budget ideally should reflect the expenses and income associated with the person’s new living and working situation following the divorce. With a detailed budget, the person can more easily understand his or her financial status as an independent individual.

It is also wise for two people who plan to get divorced to talk about their finances. Perhaps the couple may need to remain separated for a while before getting divorced to ensure that they are financially prepared to start the process. However, marital assets usually are valued when a couple separates, so any assets acquired after the separation date will be considered separate property, not marital property. This must be taken into consideration during the divorce process.

Getting a divorce can be complicated and overwhelming no matter how few or how many assets a person has. However, proper legal guidance may help people in Massachusetts to appropriately navigate this type of proceeding while pursuing their best interests. If two divorcing individuals are able to find common ground, they may be able to achieve a mutually satisfactory settlement without further court intrusion.

Source: csmonitor.com, “Three tips for managing money while separated from your spouse“, Shawn Leamon, Sept. 25, 2016