A divorce may have significant financial implications for those living in Massachusetts and throughout the country. For instance, an individual may need to make monthly alimony and spousal support payments. Individuals may also be required to transfer a portion of a retirement account or other assets to a former spouse. Those who are living on their own may also be responsible for their own medical care and housing payments.
At some point during the divorce process itself, it is a good idea to take an inventory of household assets. These assets could include a home, a car or money in a retirement account. Joint debt will also need to be addressed in a divorce settlement. Therefore, it is important to find out if there are joint credit cards or other joint accounts that have balances on them. Tax returns, bank statements and credit card statements can have valuable information that can be used during settlement negotiations.
It may be necessary to review an estate plan after a divorce is final. This is because an individual may not want a former spouse to be the beneficiary of a retirement or other account. Depending on how an estate plan was structured, wills, trusts and other plan documents may need to be revoked or amended.
Individuals who are going through a divorce may be entitled to alimony or child support payments from a former spouse. They may also be entitled to a portion of a bank, brokerage or retirement account even if their names aren't on them. An attorney may be able to help a person learn more about how assets or debts are divided when a marriage comes to an end. This may make it easier for a person to obtain a favorable settlement in a timely manner.