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Equally valued divorce assets are all about the same, right?

On Behalf of | Oct 12, 2017 | Divorce

If you are a Massachusetts resident contemplating divorce or already involved in the dissolution process, you likely don’t need to be reminded by any third party that you should be closely focused on financial considerations.

You already know that money-related matters are going to be in a materially revised state once you hit post-divorce status.

That is simply logical, as noted by one financial planner in a recent article on the importance of fully accounting for all assets and smartly dividing them in a divorce. She duly notes that, following dissolution, “There are now two households existing on the same income where previously there was only one.”

That core divorce reality makes it incumbent — more accurately, a dire imperative for most people — to think very carefully about the marital asset mix and how it should be equitably apportioned when the time comes to go separate ways.

The author of the above-cited article makes the important point that even seemingly equally valued assets are not necessarily equal. For example, would you rather be the party who gets a hundred grand in a bank account or, conversely, that same stated amount in a company-sponsored 401(k) account that has routinely deferred taxes from inception?

The bottom line there is that the $100,000 on display in that account will be appreciably reduced when withdrawn, whereas takeaways from the bank account are tax-free.

And what about that home-versus-other-asset equation, when the house value and other property are ostensibly of equal worth?

You might well want to remain in the family home, but think about it, first. Other assets can be far more liquid if you need money fast. Moreover, they don’t come with ongoing maintenance costs.

There is a lot to consider during divorce in the realm of “financial mistakes to avoid.” An experienced family law attorney who routinely works with diverse clientele on asset-related matters during divorce can be a good sounding board for any divorce-bound individual who understandably has money-linked questions or concerns.

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