In addition to having an emotional impact, the process of getting divorced can also have a major financial one. This is true whether a couple decides to head to divorce court to have a judge handle their issues or tries mediation or another form of alternative dispute resolution. A couple of tips may help those getting divorced to make positive financial decisions in Massachusetts.
First, for those who have children, setting up a trust may be beneficial. With trusts, parents can control when their children inherit their assets. Without a trust, the children may inherit these assets at age 18, even if they may not be mature enough to handle them at that age.
In addition, a parent who is receiving child support might benefit from creating a relatively large emergency fund. On average, just half of child support actually ends up being paid, and those who actually do pay might not necessarily pay the full amount owed. Being prepared for lapses in child support payments may be expedient. Furthermore, coming up with a plan for paying down or eliminating debt may help to free up money to cover unexpected financial shortfalls.
Divorce can understandably be complicated no matter what length of time a couple has been married, as untangling emotions and finances is never easy. However, an attorney in Massachusetts can help with making informed decisions regarding how to tackle matters such as asset division and child support. The attorney will focus on achieving the best possible outcome for the client outcome given the particular circumstances involved.
Source:Â mvtimes.com, “Finance 101: Divorce?“, John Kageleiry, Aug. 21, 2017