The end of a marriage comes with many changes, including financial ones. As part of the divorce process, each party works toward reducing the financial impact of it. Doing so involves more than just dividing marital assets. There are other positive steps that divorcing Massachusetts residents can take in order to achieve the goal of financial security post-divorce.
In order to better know what an individual will need to live on after the divorce, it may help to create a budget. The incomes that used to support one household will now need to cover the expenses of two households. Understanding what it will take to live may require some number crunching. Once a budget is established, it may help determine a strategy for property division and an idea of whether a request for alimony should be made.
In addition to separating credit accounts and opening separate deposit accounts, one party may need to consider obtaining health insurance. Many Massachusetts married couples rely on one party’s employment sponsored health coverage. After the divorce, it may be possible to take advantage of any grace periods until that party can find his or her own coverage. This may also be a chance for both parties to adjust their coverage as needed.
More than likely, other financial issues need addressing before either party can feel relatively assured of a secure financial future after the divorce. Taking the time to get it right the first time could save each party some headaches down the road. In order to improve the chances of achieving their financial goals, individuals may want to sit down with a family law attorney for help in covering all of the relevant issues and making the right choices for the future.