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Financial pitfalls for Massachusetts couples filing for divorce

Child custody decisions are often cited as the most difficult part of a divorce. Massachusetts couples may find that financial matters could prove equally tricky. Gaining knowledge of the known pitfalls before filing for divorce may be useful. Couples may want to anticipate any eventualities that may occur after the divorce.

Something to keep in mind is that although marital debts may be split between the parties during a divorce, all documents signed before a divorce remain legally binding. The person whose signature appears on the document will still be held responsible if that debt is unpaid. It is, therefore, advisable to settle all possible outstanding debts before filing for divorce.

To be protected against instances where an ex-spouse does not make the required payments, an indemnity clause could be added to the settlement agreement during negotiations. When one spouse is to keep the marital home or a vehicle of which the registration is in the name of the other spouse, the best way to proceed is to insist on the refinancing of that property. To ensure this is done in a specific time period, such instructions could be written into the final divorce decree.

Each party typically wants to secure his or her own financial security, and seeking legal advice related to divorce may help achieve this. Massachusetts couples may also choose to acquire the services of a mediator to assist with disputes that may arise. Negotiating and finalizing all agreements prior to going to court may prove financially beneficial for both parties.

Source: Huffington Post, What your divorce attorney won't tell you about marital debt, Cathy Meyer, March 2, 2014

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