Many people in Massachusetts look forward to spring as it is the beginning of new growth and warmer days. In family law circles, spring is known as divorce season. Why? It is a time when some individuals feel inspired to move on from things that are weighing them down and begin anew. While this may be the best move, the divorce process is not without its issues and understanding how it could hurt one’s personal position is important before proceeding.
The dissolution of a marriage is filled with emotional stress, that is generally expected. It can also take a toll on one’s financial situation in a way that is not expected. What, if anything, can be done to protect one’s finances?
There are actually several things that one can do to keep his or her financial health on the positive side. The first would be to ensure any joint accounts remain in good standing until they can be canceled. Failing to do this will affect one’s overall credit rating, making it difficult to obtain loans or other lines of credit in the future. Another thing that one can do is gain an understanding of any negative ramifications that accompany the division of certain assets. This is something with which one’s legal counsel and financial advisors will be able to assist.
Splitting one household into two will have an impact on one’s financial state. But, it is possible to limit the damage by taking the right steps. An experienced family law attorney can assist divorcing couples in Massachusetts in achieving settlement terms that are well-balanced and can protect their financial interests.
Source: nerdwallet.com, “Victim of ‘Divorce Season’? Protect Your Finances“, Kevin Voigt, March 29, 2017