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What financial mistakes should divorcing couples avoid?

What financial mistakes should divorcing couples avoid?

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Whether the divorce is amicable or tense, Massachusetts couples must shift to caring for their own future rather than seeing everything as a couple. This can be hard to do for some people and they end up making financial mistakes that affect them for years. While a good family law attorney can help protect you from many common mistakes, there are some you can avoid on your own.

According to nerdwallet, if you are going through a divorce, it is a good idea to keep your social media accounts private. Any information you post can be used as evidence in your divorce. If you post about an expensive vacation or new home, it can affect how the divorce is settled financially even if it does not accurately represent your current financial situation.

Couples should also close down any joint bank or credit accounts they have together. Ideally, you would open new accounts without your ex’s name on them, but some couples reach an informal agreement to have one person keep up on paying the debt. The problem is that if that person decides to stop paying on the debt in the future, your name is still on it and you are still responsible for it.

Many couples assume that divorce has to lead to an ugly, long court battle, but the truth is that collaborative divorce and mediation have helped to lower costs and make the divorce process much easier for both spouses and the children. Mediation requires that both spouses be open to changes and collaborative divorce can be better for divorces that are problematic.

Finally, you want to make sure that you have all the necessary information and paperwork that you could need long-term. This includes Social Security benefits and information, bank accounts and passwords and retirement funds.

This is intended for educational purposes and should not be interpreted as legal advice.