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Property division can determine post-divorce financial stability

Divorce can cause financial ruin if care is not taken. Massachusetts couples may not realize that a significant part of their net worth can be lost in a divorce, making it tough to run two households afterward. However, precautions can be taken to limit the financial impact. Careful consideration is necessary about what is accepted in the property division process.

It might help if both parties settle their debts before they file for divorce, or refinance joint debts under the responsible party's name. This may also mean obtaining a new mortgage if one spouse intends to keep the family home. Be careful of undisclosed debts for which an unsuspecting spouse might be held responsible, and make sure the property division process makes it very clear to whom each debt is allocated. Nobody wants the surprise of a creditor coming after him or her because an ex failed to pay his or her debts.

Insurance may be low on the list of priorities when divorce proceedings are underway, but making sure assets and children are protected might be wise. Life is unpredictable, and preparing for retirement and other unknowns may provide peace of mind. These steps may include updating estate plans, changing beneficiaries and more.

Obtaining the support and guidance of an experienced Massachusetts divorce attorney is typically a significant asset to any person going through a divorce. An attorney can provide assistance every step of the way at this emotional time. A lawyer who is skilled in the intricacies of property division -- especially when it comes to the sharing of retirement accounts -- can make a significant contribution to the post-divorce financial stability of a client.

Source: wtvm.com, "7 ways to protect yourself financially in a divorce", Andrew Housser, Accessed on May 5. 2017

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