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Watching out for your finances during divorce

When a couple in Massachusetts moves forward with a divorce, there are many things to consider. One of the most important goals of every divorce is financial stability for each individual. Protecting financial stability may not be easy and individuals should be careful as they move forward and discuss their assets as a part of property division.

As a couple divides their assets, they must be careful to account for any and all assets owned. An overlooked asset can have a detrimental effect on the outcome of a divorce. Stocks, pension plans and bank accounts should all be accounted for in order to achieve a just division. Sometimes, divorcing individuals have questions regarding retirement plans. Retirement plans should be accounted for in full in order to ensure each party is benefiting to the fullest. Looking over something such as early retirement benefits can skew the outcome of a divorce.

When a couple in Massachusetts goes through property division and divides their home, accounts, debts, insurance and retirement plans they may run into issues. Courts in Massachusetts regulate the divorce and ensure that property is divided by equitable distribution, or in a way that is "fair and just." Examples of "fair and just" could include having each individual take care of their own their student debt that was gained before the marriage, but dividing evenly the debt that the couple owes on a joint credit card.

Massachusetts residents often have to argue over what is "fair and just" in light of their circumstances. Anyone contemplating a divorce should be sure to get the best information available in order to best protect their rights and financial interests.

Source: The Huffington Post, "Remember, Your Children Are Going Through This Divorce Too," Michelle Crosby, May 6 2014

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