The process of dissolving a marriage in the state of Massachusetts is usually characterized by financial upheaval. This is true even for someone who is able to remain in the same job and keep the family home following the divorce proceeding. After all, even if one’s bills remain the same, one’s income may be cut in half.
One way in which to prepare for the financial roller coaster that generally comes with divorce is to create a brand new budget for the household. It is particularly essential to think beyond monthly expenses, including the utility bill and the mortgage. Considering one-time costs such as emergencies, vacations and weekend trips is also paramount.
Ensuring that one’s budget also accounts for home repairs is important if one is able to keep the marital home. This is necessary since there is almost always something that breaks down and requires fixing. Having a solid budget in place can help to prevent one from accumulating a lot of credit card debt due to struggling to adjust to a new standard of living.
Even though divorce can be financially life altering, being as prepared as possible for these changes may help to lessen the blow. This is necessary no matter how many assets one has or what one’s income level is at the time of the divorce proceeding in the state of Massachusetts. Understanding one’s rights when it comes to matters such as asset division and property distribution is an important part of protecting oneself financially during this type of family law proceeding.
Source: khou.com, “9 things you should do after a divorce to save your finances”, Janet Berry-Johnson, Jan. 19, 2017