Those in Massachusetts who are working through a divorce may, at some point, reach a place where they just want to settle and move forward. While getting through this process as quickly as possible may be desirable, rushing through can have very negative effects on one’s post-divorce life. This is particularly true when determining property division terms.
Thinking long-term, looking toward life after the end of a marriage, is not always easy to do when experiencing the hardships of divorce. The dissolution of marriage is, more often than not, messy and emotionally trying. However, this should not deter a person from considering how the terms of divorce will affect his or her financial future.
Before accepting any terms of property division, it will be helpful to review the combined household finances and how those will change after divorce. Things to consider include change in income, general living expenses, child care expenses — if applicable — and retirement. Without thinking ahead, a person may end up walking away from his or her marriage with far less than he or she really needs and/or deserves.
Something else to think about, if it has not been put in writing it, more than likely, will not happen. Verbal promises regarding the splitting of physical property and financial assets are not really enforceable. Massachusetts couples, before finalizing their divorces, will only help themselves by ensuring all property division terms are legally documented, and that those terms are fair for both parties. There is no reason one spouse or the other should have to walk away from a marriage with less than he or she is entitled to under the law. Thinking about the long-term effects of property division and how such terms are documented, though often difficult in the moment, will only benefit a person’s future financial situation when all is said and done.
Source: thefiscaltimes.com, “Divorce: 3 Mistakes That Will Crush Your Financial Future“, Kathryn Tuggle, May 28, 2015