How to keep your finances intact during and after the divorce

Besides its emotional toll, divorce can also negatively affect your finances. If you do not have a clear plan in place as well as proper accounting for your finances during the divorce process, you might come to the realization that you can no longer afford your new life. Worse still, you could end up in serious debt.

One of the things you need to pay close attention to during your divorce is your finances. Here are financial management tips that can help you end your divorce amicably while ensuring that your finances are not ruined in the process. 

Start by collecting important documents

When a divorce is looming, one of the issues the couple will contend with is property division according to Massachusetts marital property laws. For this to happen, both parties are required to declare what they own. Fairness during property division begins by putting together important documents regarding your marital property. While documenting marital assets, be sure to list down the debts too. You can’t begin to get control of your financial future until you understand where you are today.

Close those joint bank accounts

It is advisable that you close any joint accounts you might be holding with your spouse as soon as it becomes apparent that divorce is inevitable. However, if there is a dispute regarding how these funds are to be separated, then you should consider instructing the bank to freeze the account while awaiting the court’s direction. This is crucial because both parties may still have access to these funds as long as the account is functioning. 

Have it in writing

One advice every divorcing couple must learn pretty fast is: if it is not written, it is not binding. If you and your spouse decide to split, it is important that you have any agreements regarding your divorce and marital property in writing. Better still, you should have the agreements drafted and signed in the presence of your legal representative. 

Most people do not go into marriage with the goal of divorcing someday. Knowing how property division laws work in Massachusetts can help you safeguard your rights and interests during the divorce process. 

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