Starting over after getting divorced is hardly easy, especially for those who were married for years or even decades prior to the split-up. Divorce is especially challenging if the division of assets, such as the family home or a family motor vehicle, led to hard-to-resolve disputes. However, a couple of tips may help with regaining financial freedom following the dissolution of a marriage in Massachusetts.
First, after the divorce has been finalized, updating the home’s title is paramount for the spouse who gets to keep the house. This includes removing the ex-spouse’s name from the title by going through the refinancing process and executing what is called a quit-claim deed. Having a marital settlement agreement along with a divorce decree is necessary to accomplish this.
Next, getting rid of all joint counts is critical. Otherwise, an ex-spouse may easily gain access to an existing joint credit card account and rack up more expenses, thus damaging one’s credit. In other situations, one party may try to take on extra credit under the other party’s name without his or her knowledge, which may further be harmful to the second party’s credit.
Making just one mistake during a divorce proceeding can unfortunately end up being financially costly and/or causing unnecessary stress. Although getting divorced can be tough financially and emotionally, understanding divorce law can be helpful for making wise decisions with positive long-term implications. An attorney in Massachusetts can help to make sure that one’s rights are protected during all stages of this type of family law proceeding.
Source: quickenloans.com, “8 Tips to Help You Start Over Financially After Divorce”, Krystal Beers Miller, May 30, 2017