When people get married, they go into it thinking their union will last forever. And yet, statistics show that this is obviously not the case for all married couples. Regardless of which spouse decides to end the marriage, there are financial matters that need to be handled — even if the divorce is an amicable decision.
In Massachusetts, the divorce proceedings and property distribution can become very complicated since it is an equitable division state. Contrary to what some believe, “equitable” doesn’t mean a 50-50 split.
While your divorce is bound to affect many areas of your life, it doesn’t have to wreak havoc on your finances. Attorney Jay Davis is a thoughtful and dedicated legal professional who specializes in divorce, child support, and other family law matters in Massachusetts. He provides both litigation and non-litigation solutions while protecting your financial and legal rights. If you’re interested in gaining his valuable insights regarding your unique situation, please call Davis Law Group at 617-221-3548 or fill out this form.
Follow These 4 Smart Tips to Minimize the Financial Impact of Your Divorce
In this post, we have compiled a list of strategies to help you reduce the damaging impact of a divorce so your future financial well-being is not compromised. Let’s take a look at them.
1. Hire Licensed Professionals to Represent Your Interests
Considering all that’s at stake with the intricate laws on this subject, you will certainly benefit from professional guidance. Many think that the sheer act of hiring a divorce financial analyst or an accountant can be interpreted as an act of war, regardless of how cordial the couple is with each other.
But you need to remember that there are legal rules and guidelines at play here that you don’t even know about (unless you are a qualified attorney yourself!). Also, each situation is different; what your friend or sibling went through during their divorce doesn’t mean they are now capable enough to guide you through yours.
You may also want to talk with a financial planner or an accountant to accurately understand the short and long-term tax and financial consequences of divorce.
2. Understand Your Assets and Liabilities Situation
The way your individual and joint assets and debt will be divided in the divorce will have a monumental effect on your life going forward. Gaining a crystal-clear understanding of what you have and how much it is all worth is critical.
Make sure you work with an attorney who is experienced enough to help you handle this aspect. Your divorce attorney must be able to guide you whether or not some assets need to be professionally valuated before divorce negotiations begin. Try to gather ownership papers for large assets, such as the house, vehicles, retirement accounts, and so on, and document everything you have.
If you are not sure where to start with this, contact Jay Davis to learn more. With over 27 years of experience in helping people assess their financial situation during a divorce, Jay and his team at Davis Law Group are familiar with the whole process and can assist you with every step. To schedule a free consultation with him, give us a call at 617-221-3548 or complete this form.
3. Create a Realistic Budget and Stick to It
There are two things that people do wrong in this situation: they either turn to “retail therapy” to cope with the stress of the divorce, and/or they fail to plan for anything less than their perceived best-case scenario, thinking they will get everything they want.
Do not make these mistakes. Don’t create plans for a grand lifestyle post-divorce only to find out later that you didn’t receive what you were expecting. This is not the time to make any big purchases. If you buy an expensive car or a vacation home right now and then find out you are not going to get the alimony amount you wanted, it will be a devastating financial blow.
Instead, create a list of everything you want to buy and wait until your divorce is finalized. If your finances are stable enough at that time, you can go shopping to your heart’s content!
4. Work with a Skilled Divorce Attorney
There are several benefits to hiring a reliable divorce attorney. For starters, they know the ins-and-outs of the legal system. A Massachusetts divorce attorney can offer their legal expertise and experience working with other divorce cases so you don’t have to worry about things like how the assets will be distributed or how to hold your ex-spouse responsible for making alimony/child support payments.
Whether this is your first divorce or third, an attorney has had more experience with divorce than you have! Depending on how much experience they have, they have seen pretty much every situation, agreement, and disagreement. They know exactly how to deal with an unruly partner and the legal system.
And most importantly, a pragmatic and astute attorney can help you avoid mistakes that can cost you a serious amount. If you are highly emotional right now, you can do things such as threaten your ex or post negative things about them on social media — actions like these can compromise your financial future and turn an amicable situation into something not amicable. Hiring an attorney can ensure you don’t fall victim to volatile and damaging emotions.
Consult the Dedicated Massachusetts Divorce Attorneys at Davis Law Group
If you are considering a divorce, Davis Law Group can help. Our legal team, led by divorce attorney Jay Davis, is here to support you with the right guidance during one of the toughest phases of your life. We handle all legal aspects of a divorce, such as property division, alimony support, child custody, child support, and more. To schedule your free and confidential consultation, call our office today at 617-221-3548 or contact us online.
James H. (Jay) Davis III
Thank you for reading. Need to talk? 617-221-3548