Because couples in Massachusetts are not immune to potentially going through divorce, it is important to understand what separation could mean if such a decision is made. Financial needs will differ after a couple separates, and there will be many agreements that will need to be made in terms of alimony and other aspects. As a result, it is important for parties to understand their financial situation before divorce takes place.
Bank accounts are one area that should be noted before separation. This examination will allow a party to understand how much money is in those accounts and what division of those funds could mean for their situation. If divorce has been decided upon, opening a bank account that is not shared with the other party is a wise step.
Examining the debt that could be taken on after divorce is also an action that an individual may wish to carry out. Attempting to diffuse any accumulated debt before the separation would be ideal. However, many individuals know that it is not always easy to repay balances quickly, and therefore, preparing a payment plan for after divorce could be beneficial.
Financial needs are important to assess at any time, but it can make a considerable difference when divorce is on the horizon. Understanding the current state of finances will help prepare for the future and how those funds will be impacted by alimony, child support and property division. Having the right information on such issues can play a role in allowing the proceedings to run more smoothly, and a Massachusetts resident may wish to gain more knowledge about their particular circumstances.
Source: milforddailynews.com, “How To Prepare Financially For A Divorce“, Gary M. DellaPosta, May 8, 2014