Not all married couples end up happily ever after in Massachusetts and elsewhere. Unfortunately, going through divorce can be emotionally and financially challenging. A couple of tips may help with handling the financial aspect of going through divorce effectively. Â
First, in addition to paying attention to important matters such as the division of assets, having a strong investment plan is critical. A financial advisor can help with this. Well-thought-out investment planning involves first reflecting on one’s former financial decisions to determine the most fruitful way of governing finances in the future. A solid plan can be empowering and help one to achieve the financial security desired following divorce.
During the first year following divorce, being flexible financially is critical as well. After all, it is not always clear how exactly one’s lifestyle will change immediately after divorce. The investment plan may need to be adjusted accordingly. In addition, avoiding making major financial purchases right away is expedient, as this gives one the chance to think clearly about how any future purchases fit into one’s ultimate life goal and plan.
The divorce process can understandably be unsettling due to its many moving parts, especially if two spouses have a hard time seeing eye to eye. However, if two spouses are willing to find common ground when dealing with matters such as asset division, they can avoid further court intrusion by taking advantage of such processes as divorce mediation or negotiation. An attorney can provide the guidance required to navigate a divorce proceeding with confidence in Massachusetts.
Source:Â forbes.com, “How To Handle Financial Planning During A Divorce: 4 Steps To Protect Yourself“, Joel Johnson, Dec. 8, 2017