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Financial planning and preparing for divorce

Married couples in Massachusetts are not always on the same page when it comes to financial planning. Often, one spouse will handle the finances while the other spouse remains in the dark about the value of marital assets. When couples like this go through a divorce, the spouse with less financial awareness is often at a disadvantage during property division negotiations.

Some married spouses are brave enough to broach the uncomfortable topic of preparing their finances for the possibility of divorce. While planning for a divorce may be too fatalistic for others, couples may be wise to at least take joint responsibility of shared finances. This way, if there is an unexpected event that separates two married people, both spouses will be capable of handling their financial lives.

One of the financial subjects that married couples are sometimes on different pages about is retirement. While one spouse diligently adds to their retirement account, the other spouse may not give retirement a second thought. One way that married couples can plan together and prepare for the unexpected is to add equal contributions to each of their retirement accounts.

A person who is going through a divorce may want to have representation from an attorney if they have not been in control of financial accounts during their marriage. An attorney may help ensure that a divorcing spouse has all of the information that they need to have an advantage in property division negotiations. If a spouse believes that assets may have been hidden, an attorney might be able to help uncover those assets by working with a forensic accountant.

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