Divorce is commonly accompanied by an array of emotions. However, the worry of most spouses may be prevalent not only in the failed marriage, but also with respect to one’s financial well-being. Readers in Worcester, Massachusetts, understand how stressful it is to think that their lifestyle may change after the divorce. There is always a possibility that such a change may take place when going through property division.
Because property division divides the couple’s marital assets and property, it may bring certain changes to the financial status quo and lifestyle for a divorcing spouse. In Massachusetts, the spouse’s assets, such as bank accounts, retirement accounts and other valuable assets, such as artwork, are subject to equitable distribution. That way, both parties may have the chance to obtain a fair share.
When it comes to divorce and finances, however, spouses often share the same dilemma. Spouses worry about their financial stability, the flow of income and other expenses in the household. Their fears may involve not obtaining a reasonable split in property division, as well. If the divorce is simple, worrying about obtaining a fair share may be unnecessary, but if the divorce involves real estate, business assets and separate property, the division may become more complex.
If that is the case, it may be important to uncover other assets that might be left undisclosed by the other party. The value of assets, which are subject to division, may be significant as well. Spouses should also anticipate potential business transactions, investments and other profitable opportunities. In doing so, a fair settlement in property division is more likely achievable.
The emotional toll in a divorce, and particularly the worries and fears, may influence the couple’s decision making regarding the finances and property division. As a result, Massachusetts spouses should take steps in order to clearly understand how they will obtain a fair settlement. In doing so, spouses may protect their financial security and have peace of mind.
Source: Chicago Tribune, “Going through a divorce? 3 Common fears and how to eliminate them” Robert Pagliarini, Sept. 4, 2013