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I provide experienced legal guidance in family law, divorce and special education law. I represent parents and families throughout western Massachusetts.

Divorce could affect finances of Massachusetts couples

When a Massachusetts couple separates, each individual must face significant changes in their life. Divorce can cause parties to relocate, deal with custody issues and even determine whether they will be able to afford their lifestyle on one income. As a result, looking into the future financially could be an important step to remaining stable after divorce.

One step that could be taken to ensure financial stability is to check credit scores. In some cases, one spouse may have handled the brunt of financial responsibility, and as a result, each party's credit could be affected differently. Therefore, determining whether actions are needed to improve credit could keep a financial situation from declining unexpectedly.

Reviewing estate plans and wills can also be prudent steps to take. In many cases, couples will create end-of-life documents together. If a couple decides to divorce, reviewing those documents and making any changes need to be done as quickly as possible in order to keep an ex-spouse from receiving property, money or other assets that they were once entitled to as a spouse.

It is also important to remember that alimony, property division and child support can greatly affect finances after a divorce. Custodial parents may have support to supplement their income while noncustodial parents may need to learn how to deal with their monthly payments. As a result, learning more about how an individual living in Massachusetts could be affected financially after divorce could be prudent. Having knowledge regarding the situation can make a considerable difference in how a party fairs during and after divorce.

Source: dailyfinance.com, "5 Tasks to Help You Start to Rebound Financially Post-Divorce", Hank Coleman, April 29, 2014

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