Many divorce cases in Boston are focused, to a large degree, around what is going to be done when it comes to money. This can take on many different forms, but one thing is true for all people who may be facing a divorce: It is crucial to both understand and address financial issues. Ignoring them is dangerous because it can lead to a division of assets that is not fair to both sides. In order to make sure that they know what they are doing in this regard, people would be wise to keep the following things in mind.
First, financial documents must be in order and organized. People need to be able to prove what money they had before the divorce. They need to show were it is located. It is often wise to print these papers out in addition to having them on a computer.
Another thing that people must remember is that their financial situation is now going to be very different than it was when they were married. Before, a budget could have been constructed using multiple incomes, for example, but the post-divorce budget will have just one income. Planning must be done for the future so that decisions can be made to reflect this new reality.
Finally, people should start their own bank accounts. Once the two have separated, any income that is made before the divorce is finalized is still considered to belong exclusively to the party who made it. Having this money in a joint account leads to confusion, but splitting it up ensures that all assets gained in the weeks or months during which the cases is proceeding will be given to their rightful owners.
Source: The Huffington Post, “Divorce Confidential: The Importance of Being Financially Savvy During Divorce” Caroline Choi, Apr. 21, 2014