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Tips to consider when discussing property division

| Sep 26, 2017 | Firm News, Property Division |

Communication between couples going through a divorce can be strained and sometimes awkward. Because of this, people will sometimes try to rush through discussions about how to divide assets in order to move the process along. Attorneys in Massachusetts can help clients to understand how assets are best divided and why some methods of property division look better on paper than in practice.

To some, the prospect of keeping the family home instead of selling it and dividing the profits is very attractive. On paper, the home may be valued equal to or more than the sum of other assets like bank accounts or other liquid assets. Individuals should consider whether or not they will be financially able to maintain the home after the divorce is final. Some of the costs to be considered include the mortgage payments, insurance and general maintenance.

Other things that potential divorcees might want to consider are the tax implications of certain financial accounts. For example, the amount of money in a 401(k) account might appear, on paper, to be the same as a normal checking account. However, a checking account does not require you to pay taxes on the money that you withdraw like a 401(k).

The financial decisions that a couple makes while going through a divorce will affect both parties for the rest of their lives. Massachusetts attorneys can help their clients to communicate clearly with the other parties. Clear communication can help couples seeking a divorce to reach fair agreements concerning property division and child custody as well as spousal support.