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Understanding your finances in a high asset divorce

There are many things for couples across the nation, including Massachusetts, to consider when they decide to get a divorce. Among these things are the family finances. Often, there is one spouse who deals with the majority of the finances, but especially in a high asset divorce, both spouses can benefit from understanding what the family income is used for. By understanding how the family income is used, the people going through a divorce can begin to plan how their lifestyles will change after the divorce is final. 

Deciding where each former spouse will live after the divorce is one of the first things that divorcing couples may want to discuss. If one spouse wishes to stay in the family home, then he or she may first want to consider the cost of maintaining that home and any other major expenses for which he or she will be responsible. This may include child support or alimony payments. The same may be said for those individuals who do not wish to remain in the home. However, instead of considering the costs of maintaining a home, he or she may wish to compare the costs of renting or purchasing another place to live.

Some couples may also wish to discuss retirement. In some cases, one spouse, especially a homemaker or a stay-at-home mom or dad, may not have a retirement plan in place. However, if the marriage has lasted more than 10 years, the stay-at-home spouse may be entitled to part of the working spouse's retirement funds. 

Understanding the family finances can sometimes help couples to determine how certain assets should be divided. This may be especially helpful in a high asset divorce. Individuals living in Massachusetts who are considering divorce may wish to consult with an attorney in order to discuss what options may be available or what decisions they may need to consider before continuing. 

Source: cbsnews.com, "Divorce tips for financial security", Jillian Harding, Nov. 13, 2017

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