Dissolving a marriage in Massachusetts can no doubt have emotional, mental and physical consequences. Still, the divorce process can especially be devastating from a financial standpoint. Here are some financial aspects of divorce that are sometimes overlooked initially but can have negative repercussions if not addressed appropriately.
First, people who are going through divorce sometimes overestimate how much alimony or child support they will receive. This is particularly true when the other spouse is the one who made most of the income in the household. It is paramount that spouses who are seeking support payments during divorce have a realistic idea of how much they can expect to receive following the divorce process. This is something an attorney can help determine.
Second, some individuals who are getting divorced do not realize that the other party may end up keeping the family home or that the home must be sold. Instead, they immediately assume that they will be able to keep the home. The reality is, the home might have to be sold for the purpose of satisfying household debt, or it may be in their best interest to pursue another asset and give up the family home to the future ex.
The process of getting divorced is never black and white in Massachusetts. For this reason, it is wise to consult an attorney regarding how to address divorce issues such as property division, child support and alimony. The attorney will help a divorcing spouse to make personally favorable decisions while striving to achieve a fair agreement with the other party.