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10 Financial Tips to Facilitate Massachusetts Divorce

One of the first considerations of many couples who decide to divorce is how their finances will be affected. This is worth looking at because of the complexities of asset division, alimony or spousal support, child support and other fees that may need to be taken into account. While every Massachusetts divorce is different, many couples seeking divorce may benefit from these 10 tips about the financial aspects of divorce.

The first tip is to devise a new budget, meaning sitting down to go over how the household expenses will be affected during and after the divorce. The second tip is to monitor credit reports to ensure that a good rating is maintained.

The third and fourth tips go hand-in-hand and consist of closing joint banking accounts and opening individual accounts. The fifth and sixth tips are to estimate worth and assess liabilities, meaning that both parties should know what their assets and liabilities are, including joint assets and debt.

The seventh tip is to keep track of who is a beneficiary of what. As the divorce draws to a close, it is important to take the soon-to-be-ex-spouse off any policies or accounts where appropriate.

The eighth tip is to watch out for taxes. The first returns after a divorce can be tricky and IRS rules and regulations may surprise newly divorced couples. The ninth tip is to be mindful of insurance because changes may be required, especially if a spouse is being removed and children added or left on the policy. The 10th tip is to settle tough issues outside of court if possible, through divorce mediation or collaborative law alternatives.

Divorce is a sometimes difficult emotional and financial journey; however, Massachusetts residents may be assured that following these ten tips can help them protect themselves, their children, and the other spouse. In the end, no one wants to be left in a financial lurch, so working together to find a positive outcome for everyone involved may be the best way to go. Divorce can be successful with the right blend of patience cooperation and support.

Source: AdvisorOne.com, "Top 10 Critical Financial Tips During Divorce," Dan Berman, June 27, 2012