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How to make the best possible property division choices

In order to make divorce decisions that are financially savvy, it is necessary to understand the full scope of one's financial standing. Far too many people in Massachusetts dive head first into property division negotiations without having a full understanding of the scope of martial wealth. They also often lack a comprehensive understanding of their post-divorce financial needs. That can result in a division of assets that is not in line with one's short or long-term interests.

The place to begin is by assessing the range of family wealth and debt. This includes gathering documentation for all asset types, as well as any outstanding debt. Once that information is in hand, the foundation is laid for making informed property division decisions in the months to follow.

Next, spouses should make a comprehensive post-divorce budget, including living expenses and savings. That allows individuals to see the full range of their projected financial needs. Understanding where one needs to be in one, two or three years down the road helps spouses prioritize their actions during and immediately following a divorce. It can also help many people avoid making common, yet costly mistakes.   

With this information in hand, spouses can begin to determine which assets they should pursue during property division. Not all assets are equal when it comes to issues of liquidity, tax ramifications and projected appreciation. In order to make the best possible property division choices, Massachusetts spouses must enter the process with a full understanding of both where they are and where they would like to be.  

Source: wotv4women.com, "How to assess your finances post-divorce", Gail Saukas, March 15, 2017

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