Naturally, those who go down the aisle do not expect to become ex-spouses years down the road. However, the reality is that marriages do not always last -- in many cases, due to irreconcilable differences. A couple of tips can help with navigating a divorce proceeding involving matters such as property division in Massachusetts.
First, establishing new financial goals is paramount. For this reason, writing down one's new financial goals may be helpful. Having clearly spelled-out goals help with making forward-thinking decisions when trying to reach a resolution with a future ex-spouse regarding the distribution of property. However, it will also increases one's chances of staying committed to these objectives in the long run.
In addition to coming up with updated goals, working on a detailed net worth statement can be helpful. The first question to ask is if anything is actually left following the marital split-up. After all, many married couples going through divorce end up dividing debt rather than assets in the end. For those who are left with more debt than assets, wiping it out quickly can be beneficial financially.
The thought of going through divorce can understandably be both emotionally and financially overwhelming. However, if two divorcing spouses are willing to find common ground, they may be able to address issues such as property division outside of court -- for instance, through informal negotiations. Otherwise, they will have to go to trial and allow a judge in Massachusetts to make the final decisions for them regarding how to split their assets and debts.
Source: cbslocal.com, "Financial Roles: What You Need To Know When You're Somebody's Ex-Spouse", Dee Lee, Aug. 15, 2017