The financial status of an individual who is going through a divorce can be frightening. The expenses involved in a Massachusetts divorce can be substantial, depending on how amicable the parties are with each other. Beyond the cost of getting a divorce, an individual must also plan for the higher bills that they will be required to pay as a result of two independent households being formed.
Rent, health insurance and utility bills are but some of the likely expenditures that will increase due to a divorce. As a result, tough decisions may need to be made to determine what expenses can be trimmed. This effort may force an individual to take a critical look at their personal finances, a task which actually could have long term positive benefits for an individual’s emotional and financial well being.
Eliminating unnecessary expenses and using that money in a more productive fashion is a critical first step to forming a new financial identity. Regular contributions to a retirement account may also be important. Many recently divorced individuals find that they are suddenly forced to support themselves for an indefinite period of time, which makes the safety net provided by a retirement account even more important.
A Massachusetts divorce can raise some significant financial questions. However, the silver lining may be that the divorce offers an individual the ability to critically look at their entire financial picture. By properly planning for the financial changes that will occur as a result of the divorce, and by seeking the right advice, those affected may be able to look past their financial fears and focus on the new life that is just around the next corner.
Source: Huffington Post, “Getting A Divorce Saved My Finances,” Catherine New, Aug. 7, 2012
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