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How to get a more equitable financial split in divorce

People in Massachusetts who are getting a divorce may worsen their financial situation if they do not have a thorough understanding of the family finances. This includes knowing what loans have been taken out as well as having a record of debts, assets and income.

Without this information, people may make poor choices regarding property division. For example, one woman did not know that her husband had borrowed against the equity in their marital home until after the property division. She got the house, but it ruined her credit because she was in twice as much debt as she had anticipated and she struggled to pay the mortgage.

Some spouses may attempt to conceal assets. This might involve methods that are difficult to detect. Even with spouses who do not actively set out to deceive, one may end up with a worse deal than the other. For example, one spouse might get the home while the other gets various investments and accounts. The person who has the home might find that its costs in upkeep and insurance mean they are in a much worse financial situation than the person who took the other assets that continue to appreciate in value more rapidly without the expense. Couples should also use different financial planners during a divorce just as they use different lawyers.

With a firm understanding of their financial situation and goals, people may then be able to turn to their respective attorneys to help negotiate a property division settlement agreement. If one person is particularly adversarial and is engaged in activities like trying to conceal assets, litigation might be necessary. However, in other cases, even if the couple is not getting along, mediation might be a way to find a solution that is satisfactory to both parties.

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