Divorces have a significant impact on your finances. Depending on your state laws, your marital assets and debts are divided between you and your spouse during the divorce process. Each side has to take the proper steps during the process to ensure the security of their respective financial futures.
Consulting a Massachusetts divorce lawyer can help you navigate the complex property division process and understand it better. They have specialized knowledge and financial skills that enable them to guide you.
Things that you should and should not do.
- Do understand your state laws.
Every state follows either community property or equitable distribution. In community property states, the community or marital property is divided equally between spouses, and they keep their separate properties. Most states follow equitable distribution, and in these states, the division of property is done equitably. The settlement is fair to both spouses based on their unique circumstances. Massachusetts is an equitable distribution state.
- Do not hide assets.
During the discovery process before the trial, each side obtains complete financial information to ensure the accuracy of valuation of assets and the fairness of the final settlement. Many spouses try to hide their assets fraudulently to prevent the other spouse from receiving a share of it. This practice is illegal and leads to severe legal consequences. Be honest and disclose all your assets to prevent facing such consequences.
- Do consult experts.
You must consult experienced financial analysts and accountants to accurately analyze your marital property and estimate its value. They can also help determine the worth of complex assets such as businesses and retirement funds. Their figures are reliable and ensure that you make the right decisions. After the valuation of assets and liabilities, you can craft a fair, equitable distribution scheme with your lawyer to present to the judge for consideration.
- Do not be emotional.
Often, people have an emotional attachment to certain property and are willing to lose something much more important for their future to attain it. Maintain a rational attitude during the divorce process and do not be influenced by your emotions. Before making decisions, conduct a cost-benefit analysis to understand whether it is worth the further litigation costs. Prioritize your needs and list your financial goals for the divorce so that your lawyer can help plan to accomplish them.
Property division is complicated. Your lawyer in Massachusetts works dedicatedly to ensure that the case has a fair outcome and that your future is protected.