Don’t let divorce overrun your finances

On Behalf of | Dec 23, 2021 | Family Law

Your divorce in Massachusetts is not an excuse to pay less attention to money. A divorce brings financial shifts that alter two lives indefinitely. One thing to keep in mind is how you’ll manage your personal finances. You not only want an equitable division of assets between you and your spouse. You want to prepare yourself for life after divorce and the financial responsibilities it entails.

Do more financial planning

Financial planning starts with assessing your expenses against your current or new income. A divorce might leave you with more or fewer assets than you had. Accounting for your new possessions is best done with a simple budget. Find out how much it will cost to live, and build a financial plan around your necessary expenses.

Try a financial advisor

A financial advisor could be as helpful as a lawyer is during a divorce. The numbers do matter, and it’s not uncommon for spouses to hide cash, real estate, and investments. A financial advisor helps you to decipher exactly what assets your spouse has and how much they’re worth. You can also seek out this individual when you need personal advice about money.

Don’t overlook the taxes

A divorce will divide your assets among you and your spouse, but not everything you ask for is worth the same after the divorce. Taxes are levied when assets are withdrawn or transferred, and this means that anything you receive is subject to taxes. Be sure to assess the tax for any share of the property you get. The value you obtain after taxes is the integer you can better rely on.

Divorce in Massachusetts

Life after divorce must be prepared for as should life during marriage. The financial shifts that two divorcing spouses will experience show no respect of persons. Large and small estates have to undergo a change, and how money is handled after the divorce is often a core focus. Sure, what you get from the divorce is important, but how you live afterward is also critical.