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Identifying assets important step in preparing for divorce

The process of dissolving a Massachusetts marriage can be a harrowing time emotionally. However, it is essential to avoid losing sight of the big picture when navigating this type of family law proceeding. A couple of tips may make it possible to be financially prepared for the divorce process as much as possible.

Identifying all assets is important in the beginning. Then, it is necessary to clarify which assets are in which spouses' names, including investments, mortgages and bank accounts. This is essential for determining what property is separate property versus what property is marital property and thus subject to division during divorce.

Next, obtaining copies of all financial statements can be beneficial. After all, proof of assets is important to the courts. Relying on electronic copies can be risky because one spouse may end up locking the other one out of this financial information if he or she is vengeful and decides to alter the passwords to joint accounts.

During the divorce process in Massachusetts, tackling disputes with a future ex at the negotiation table or through divorce mediation can go a long way in helping both parties to achieve a divorce settlement that is mutually beneficial. However, if resolving financial matters, such as asset division, is not possible, a judge will have to make decisions for the couple in these areas. Unfortunately, the outcome may be unfavorable to either or both parties based on their unique wishes and needs, and the litigation process can be stressful, costlier and more time consuming as well.

Source: businessinsider.com, "How to keep from losing everything in a divorce, in 6 steps", Emmie Martin, Feb. 1, 2017

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