While there are a lot of things that need to be considered during the divorce process, the financial aspects of dissolving a marriage deserve special attention. How monetary assets are divided during property division, and how funds are used during the course of and after a divorce matters. Unfortunately, there are numerous couples, in Massachusetts and elsewhere, who make decisions that may end up hurting them down the line.
Money is often a major source of contention between a divorcing couple. Neither side wants to feel he or she is getting cheated — so to speak. With so much on the line, and emotions involved, it can be hard to see what is best for one’s future circumstances.
When dividing monetary assets, it is important for both spouses to make sure everything is accounted for, as this ensures that all accounts are considered and assets are fairly divided. Along with making sure all property is accurately documented before dividing it up, it is also a good idea to consider taxes. Some property received in a divorce settlement may be taxable — such as money received from retirement accounts, — so knowing what is taxable beforehand can help spouses decide what assets to ask for and how to utilize them when all is said and done.
Tackling property division can be difficult, which is understandable. However, divorcing spouses in Massachusetts do not have to figure it all out alone. With legal assistance, it is possible to come to terms on financial settlements that both parties feels is in their best interests.
Source: CNBC, “Breaking up is hard to do: Protecting assets in divorce“, Kelli. B. Grant, Jan. 17, 2016