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Avoiding common financial mistakes when getting a divorce

When spouses in Massachusetts are pursuing a divorce, there are precautions they can take in order to keep the process as simple as possible. The effects of the end of a marriage can continue on long after the divorce decree is finalized, especially when it comes to financial matters. Due to this, there are some major issues spouses should avoid during the process.

Perhaps the biggest mistake spouses can make before and during divorce proceedings is not having a full understanding of what or where their assets are. Without this knowledge, a spouse will have a significant disadvantage during negotiations. This is particularly true if there is a lot at stake. Assets can include bank accounts, IRAs, 401(K)s and other goods, such as real estate, vehicles and family heirlooms. If a spouse can not obtain a comprehensive list, the assistance of a forensic accountant may be in order.

Another problem spouses might have is not having adequate professional help. Divorces are sometimes very complicated, so having advisers on hand to assist with financial and legal matters can be a great advantage. Without proper advice, spouses might find themselves spending a substantial amount of time and effort trying to resolve complex issues when it would be much more efficient to simply ask a qualified professional. Finally, spouses should always avoid making arrangements that are not in writing. During divorce proceedings, spouses might make handshake agreements, but these can often be difficult to enforce. As a result, all agreements should be incorporated into the divorce decree, even if accomplishing this creates conflict.

When a couple is facing the end of a marriage, emotions often run high and it can be difficult to make well-informed decisions regarding child support, alimony, property division and other important legal issues. By working with a family law attorney, many spouses avoid this problem.

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Salem, MA 01970

Phone: 978-744-7774
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