Knowing one’s marital assets important during divorce proceeding

| Oct 14, 2016 | Divorce

A large number of Americans, including many in Massachusetts, have to navigate the process of dissolving their marital unions, dividing their assets and dealing with child custody. All divorce situations are unique. However, a couple of tips may help any divorcing individual complete this type of family law proceeding without ruining his or her financial situation.

First, it is important for people to take stock of their marital assets without moving them. In an ideal situation, both spouses have a firm understanding of the value of their joint assets and their account balances. If one spouse does not, it makes sense for him or her to look at old bank statements as well as inventory any existing safe deposit box to make sure that his or her future ex has not been attempting to hide assets or move money. In addition, it is expedient for the person to avoid making large purchases or major withdrawals during the divorce proceeding, as a judge may think the individual is attempting to hide money.

Second, people getting divorced find it helpful to prepare for new careers as soon as possible. A new job could help provide ongoing support moving forward. It is important to start the job hunt well in advance of finalizing a divorce to avoid squandering valuable months or years during which a person could have been networking and honing his or her skills.

Even an amicable divorce in Massachusetts can lead to significant life changes for both parties. With proper legal guidance, a person can fight for his or her best interests financially during all stages of this type of family law proceeding. If the person and his or her soon-to-be-ex are able to find some common ground, they may be able to reach a divorce settlement without court intrusion.

Source: usnews.com, “10 Ways to Prevent a Divorce From Ruining Your Finances“, Maryalene Laponsie, Sept. 29, 2016