After the decision to get divorced has been made, one of a couple’s most common areas of focus is how the marital split-up will impact them financially on an individual level. A major fear is whether or not meeting expenses is possible long term. A few tips may help with navigating the financial aspect of a divorce proceeding in the state of Massachusetts.
First, it is important to have a full understanding of the family finances before commencing with the divorce process. This may mean getting a friend or family member, or even a financial advisor to explain it. An essential part of this process is gathering all information related to debts, assets and accounts, as these details are necessary for making informed decisions during negotiations with a soon-to-be-ex.
It is also beneficial to evaluate both future and current financial needs. This entails listing all possible future bills, such as transportation, utilities, rent, health insurance and childcare. With this information, a budget/ financial plan can be created to ensure that one lives as comfortable a life as possible.
When planning for the future, it is helpful to also consider matters such as the need for spending money in addition to considering inflation and the tax implications of a particular divorce settlement. Going through divorce can be financially complicated and overwhelming no matter how much or little must be divvied up in the way of property. However, an attorney can offer guidance during the process of fighting for a fair share of assets in a Massachusetts divorce.
Source: wotv4women.com, “How to assess your finances post-divorce“, Gail Saukas, March 15, 2017