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Achieving financial stability prior to property division

During the course of a Massachusetts divorce, having a degree of financial stability is critical, especially in the early stages of the process. Hiring an attorney, securing new housing arrangements and many other necessities require a financial investment. Unfortunately, there are many cases in which one spouse will take steps to limit the other's access to marital funds. Without the ability to pay for legal services, spouses are limited as to what they can accomplish during a divorce, even before property division negotiations begin.

One way to ensure financial stability during a divorce is to take steps to set aside funds prior to filing. That action will differ from one couple to the next. Often, however, the easiest way to secure funding is for a spouse to set up a separate account in his or her own name, then to transfer a portion of marital funds into that account. Doing so can be done in a way that does not interfere with a fair division of marital wealth.

Spouses who choose to set aside funds for a divorce should take care to avoid any appearance of depleting marital wealth. That means avoiding large expenditures, and ensuring that sufficient funds remain to allow the other party to also have financial stability during the course of the divorce. In some cases, certain assets can be liquidated in the months prior to divorce, which can help both spouses cover the cost of ending their marriage.

In many cases, these precautions will end up being unnecessary, and both Massachusetts spouses will work together to move through the stages of their divorce. That is always the desired approach, and is best for both sides and any shared children. However, in those cases where one spouse seeks to financially restrict the other, taking preventative measures can make all the difference in the eventual outcome, including the final property division settlement.

Source: finance.yahoo.com, "How to keep from losing everything in a divorce, in 6 steps", Emmie Martin, Feb. 1, 2017

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