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Financial planning for the future during divorce

On Behalf of | Jun 11, 2018 | Divorce, Firm News

Divorce can be uniquely challenging for many couples in Massachusetts. The end of a marriage is often accompanied by a range of dramatic financial, practical and emotional changes. During this period, it’s important to keep some key guidelines in mind in order to avoid making errors that could be costly in the future.

For example, it is not uncommon for exes to rush into a remarriage after their divorces. However, the divorce rate in second and third marriages is generally higher than that of first marriages. The later in life one chooses to divorce, the more significant the financial impact can be, especially if the marriage was long-term. Dividing assets such as retirement accounts can be easier to handle at a younger age as both parties have a greater chance to recover financially. When people remarry after divorce, prenuptial agreements can be considered to protect each party’s assets that they brought into the marriage. These agreements can be especially helpful when both parties have children that they wish to protect.

In addition, financial education can be particularly important after divorce. In many cases, only one partner dealt with financial management and decision making during the marriage. However, both exes will need to handle their individual finances after the divorce. In addition, some traditional financial advice is aimed at married couples while different strategies may be advisable for divorced people.

Of course, the divorce settlement negotiations themselves can also be an important occasion for serious financial planning for the future. A family law attorney can help a divorcing spouse advocate strongly for their interests and achieve a fair property division settlement.