Be proactive to protect your wealth during a divorce

Natick residents who have gone through dissolution know that during the process of terminating a marriage, the end cannot possibly come soon enough. While courts rarely let couples “rush” the process of ending their unions, some individuals wind up glossing over divorce-related details in an effort to finalize their divorces sooner rather than later. When divorce details are not given sufficient attention, the parties of the divorce can find themselves paying the price literally and figuratively later on.

For example, while in many divorces the parties take painstaking efforts to ensure that their children’s custody and support needs are addressed, they sometimes generalize their plans regarding the division of their wealth. Even if a couple is not experiencing a high asset divorce, it is important that they take the time to do its property settlement right. Part of preparing a sound property settlement agreement involves knowing exactly what property is subject to division.

An alarming number of individuals do not know the extent of their marital wealth or their spouses’ financial holdings. Living in the dark about money matters can make it difficult for a newly divorced individual to find his or her own financial footing.

It can also be difficult for divorcees when they fail to stipulate money specifics in their property agreements. Couples who assume that they understand each other and fail to codify important elements of their wealth settlement plans can be caught off-guard when their exes do not honor understandings they thought they had.

Having all of a couple’s financial information out in the open can make creating a property settlement agreement easier on everyone. Although some couples struggle to work together to make cogent plans, using financial and legal professionals during the process can improve their chances of finding common ground on money-related issues.

Individuals who are going through divorces can work with attorneys who understand the importance of being proactive during property settlement negotiations to protect their financial health in their post-divorce lives.

Source:¬†thefiscaltimes.com, “Divorce: 3 Mistakes That Will Crush Your Financial Future,” Kathryn Tuggle, May 28, 2015

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