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Assets and divorce in Massachusetts

According to data from the Centers for Disease Control, 3.2 out of every 1,000 Americans went through a divorce in 2014. January is generally considered to be a popular month for divorce because the beginning of a new year is considered a good time to get a fresh start. However, how a Massachusetts resident handles a divorce is more important than when it occurs.

For instance, those considering a divorce may want to talk to a financial adviser and accountant in addition to an attorney. This is because a professional may have a better understanding of the financial nuances surrounding the process. A professional can help an individual compile a list of current assets and account for any future appreciation of those assets. Individuals should also be aware of the tax issues that may relate to property division after a couple splits.

It may also be a good idea to sever ties to joint bank accounts and loans. This may reduce the odds that the other spouse zeroes out a joint savings account or stops making payments on a mortgage to gain leverage over the other spouse. It may also be a good idea to remove a spouse or any other individual as an authorized user on a credit card to prevent that user from making unauthorized purchases.

Those who are going through a divorce dispute may wish to consult with an attorney to help resolve the contentious issues. In many cases, a family law attorney can play a role in negotiating a comprehensive settlement agreement that can remove the need for litigation and which can be submitted to the court for its approval.

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