Finances may complicate divorce proceeding

| Jul 12, 2017 | Family Law

Not all marriages in Massachusetts end up lasting long term. In situations where couples feel they would be better off separate than together, they may end up making the difficult decision to get divorced. A couple of tips might help those going through divorce to protect their best interests.

First, separating finances is important as soon as the decision to get divorced has been made. This involves shutting down all joint bank accounts, for example. In addition, when bills feature both parties’ names, making sure that these bills are paid is important even if the other party has already agreed to pay certain bills, as the other party may end up not keeping his or her end of the bargain.

Collecting documents related to all assets owned is also important when beginning the divorce process. Becoming familiar with joint financial portfolios along with individual portfolios is also important. To protect any documents, keeping them in safety deposit boxes can help to ensure that a vengeful future ex-spouse does not get hold of them and attempt to destroy them.

One of the easiest ways of getting through a divorce proceeding in Massachusetts is for both parties to come to an agreement on asset distribution matters at the negotiation table. If this is not possible, the two spouses may have to rely on a judge to determine for them how to divide their property. However, the outcome of the proceeding may not be what either party would have really wanted. To the extent that the parties are able, a negotiated settlement agreement can help save time and money as well as a good deal of stress.

Source: wisebread.com, “How to Protect Yourself Financially During a Divorce or Separation“, Samantha Stauf, July 10, 2017