The divorce process in Massachusetts can be costly, especially if you and your spouse end up in a long, drawn-out court battle over property division, child custody and alimony issues. Even well-off couples may find themselves facing financial difficulties after getting divorced. However, there are ways to protect your finances and make sure that you have enough to live independently once you and your spouse have officially gone your separate ways.
First, you and your attorney should determine what is most important to you after the divorce. For example, many people become attached to their family home and want to stay in it post-divorce. Assuming it is feasible for you to keep up with the payments on the house, you may then decide to give in on smaller property matters and focus your energy on staying in your home. Be willing to negotiate with your soon-to-be ex-spouse and stay focused on the things you want the most. You should also make sure that you collect as much evidence as possible regarding your case. Do not attempt to cover anything up, as it is likely that you will get caught thanks to technology.
Another option for some couples is to go through the collaborative divorce process instead of going to court. You and your spouse will both use financial, legal and psychological professionals to help with many of the issues of your divorce. This method is suited for couples who are able to get along and compromise.
No matter which process you decide to use, the most important thing is to always communicate properly and keep your emotions out of it as much as possible and focus on protecting your financial future.
Source: Huffington Post, “5 Ways to Prevent a Divorce From Hurting Your Finances,” Vicky Law, July 27, 2017