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July 2019 Archives

Protecting independent assets in the event of divorce

Many Massachusetts couples likely maintain separate bank accounts with the assumption that in the event their marriage ends, each person can walk away with his or her own money. According to researchers, the percentage of married couples opting to keep their finances separate has more than doubled in recent years. However, experts warn that married people who assume that this practice will protect their assets in the event of divorce may encounter an unwelcome surprise if they actually find themselves in the position of dissolving their union.

Divorce often calls for change to retirement plan

Aside from suffering emotionally, many Massachusetts couples who are ending their legal union will also experience a difference in their financial status, as one household becomes two. In addition to having only one income to support themselves on a daily basis, many people find that divorce has significantly affected their retirement savings plan. However, to help ease the process of achieving financial independence, divorcing couples can benefit from the following advice.

Pay careful attention to credit during a divorce

Married people who have decided to go their separate ways often experience some distress during the ensuing legal process over the loss of control of many aspects of their life. Typically, people going through a divorce must negotiate living arrangements, child custody and visitation schedules, financial obligations and, in some cases, much more. However, divorcing Massachusetts couples can take specific action in some areas of their lives to increase the chances of a positive outcome, and one of these areas is credit and how it is affected during and following the divorce.

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Roncone Law Offices, P.C.

142 Main Street
Leominster, MA 01453

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