Dividing Assets Efficiently and Intelligently in a Massachusetts Divorce

November 29, 2012 (Press-News.org) Dividing Assets Efficiently and Intelligently in a Massachusetts Divorce

Having as much information as possible about family finances reduces the likelihood of surprises and roadblocks during property settlement negotiations during a divorce. Additionally, it helps to ensure that the property division is fair. Massachusetts couples can follow some steps to help make the property division process go more smoothly in a divorce.

Catalogue Assets and Debts

An important first step to gaining a clear financial picture is to inventory assets and debts. For many couples, the marital home is the biggest asset they have. However, people should also list other things such as retirement accounts, investments, stocks, savings and pensions. People should include items held in only one spouse's name, as those things may still be considered marital property.

Even if those assets are not marital property, it is important to know how much non-marital property each spouse has, since that will affect how the marital property is divided. People should obtain copies of documentation of these assets, as well.

People should also collect documents about debts. Determining who is going to be responsible for what debt the couple has incurred jointly can be almost as important as dividing assets.

Check Credit

After people have completed an initial inventory of assets and debts, they should run credit checks to make sure they did not forget about any open accounts. People should review their credit reports for inaccuracies and correct them prior to the divorce.

Create a Budget

People should create budgets for life after divorce so they know how much they need from the property settlement. People should list all sources of income and then all of their monthly expenses such as rent, food, utilities, insurance, transportation and clothing. If there is a large discrepancy between income and expenses, people need to consider steps to save money, such as neither spouse keeping the marital home and selling it instead to split the profits.

People should also consider how much they need to save for retirement when assessing property divisions.

Talk to a Lawyer

Divorce can be stressful enough without the added aggravation of not knowing how to proceed in property division negotiations. If you are considering divorce, do not try to handle everything alone. Contact an adept family law attorney who can offer you guidance on how to proceed.

Article provided by Andrew H. P. Norton
Visit us at http://www.anortonlaw.com