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Knowing one's assets and budget is important during divorce

Although the emotional aspect of divorce can naturally be challenging, the financial aspect can be difficult to handle as well. When a person gets divorced, they typically have to confront the fact that the marital household will soon be separated into two distinct households. That, of course, can have significant financial implications. A few tips can help a person to make it through a divorce while being as financially stable as possible in Massachusetts.

First, it might help to consult a financial adviser who can guide one through the process of being financially independent. It helps to assess what one’s monthly bills and tax returns may be when doing budget planning, and it’s also wise to set aside emergency cash. In addition, it’s beneficial to assess one’s financial liabilities and the available income to discharge them.

A statement of net worth can spell out both individual and marital assets, along with the debts that both spouses have. These debts may include mortgages as well as balances on credit cards. Having all of this data in writing can help the parties to make informed decisions when it comes to dividing their shared property and assets.

Sometimes, couples see eye-to-eye regarding how to divide their marital property. Others may use a mediator to help them to reach an agreement that is mutually acceptable. However, other couples simply cannot find common ground with regard to their assets, so a judge may end up having to divide their property for them. No matter the situation, an individual who is going through divorce in Massachusetts has the right to seek an outcome that favors him or her while striving to be fair toward the other party.

Source: wallstcheatsheet.com, "7 Ways to Manage Your Finances Through a Divorce", Kirsten Klahn, June 8, 2014

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