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To save money, know the facts before proceeding with divorce

Most Massachusetts couples who are about to begin or are already involved in the process of separating likely know they have a challenging path ahead of them before they see the end of their marriage. As divorce is often a process that is already fraught with tension and can be costly, they are smart to become as informed as possible in advance of any issues that may arise. Several experts offer advice to help divorcing individuals avoid potential pitfalls along the way.

First, in light of the instant exposure of social media, divorcing people are wise to be cautious about oversharing on these platforms. If the divorce is a contentious one, certain information could be used against that person in a battle concerning money, for example. As well, according to a financial specialist, people should think ahead regarding paperwork, including account information, Social Security statements, important receipts, etc. and gather these pieces now rather than later. Even if a divorcing person does not need a document at the moment, he or she may need it years later when the ex-spouse may not be able (or willing) to provide it.

Divorcing individuals also should be aware of the tax consequences of any negotiated assets, as well as spousal support, if that is part of the picture. A financial planner explains that some assets, for example, while they have the same face value now, may be valued differently in the future due to tax treatments. Divorcing people should also be aware that if they incurred debt in both names prior to the divorce, they are both responsible for it, even after the divorce decree is granted. 

People going through the divorce process certainly have enough to consider without adding to their burden, financially and otherwise. Armed with as much knowledge as possible about the issues at hand, divorcing Massachusetts residents can avoid making costly mistakes that will only add to their stress. For those ready to begin the process, a skilled family law attorney can be a valuable asset.

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