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Divorcing Massachusetts women should be financially literate

Any woman pondering divorce should first make herself financially literate. But, what does that mean?

Financial literacy means that both partners in a marriage should be able to access and list all of the jointly and individually held brokerage, credit card and bank accounts. Also, they should be cognizant of mortgage details -- what is owed on the home and any other properties that were purchased. Details of the spouse's salary, including bonuses, base salary, stock options, retirement pensions and all other aspects of the marital property are all relevant.

Women who are not financially savvy usually wind up one of two ways. The husband dies or become incapacitated, and she has no idea how to manage complicated finances. So, she either makes a series of irreversible financial faux pas, or she turns to shady advisors who may bleed her dry.

It could also be that a man decides to end the marriage and his wife is clueless about her family's financial status. He may have been stashing money and other assets for years, and she is at a decided disadvantage trying to track down income revenues and sources.

All women should make themselves aware of these financial aspects, including having a plan for her own successful financial future, learning the ways in which property will be divided, Massachusetts laws concerning child support and alimony and whether she can afford to remain in the family home should she so desire.

Before taking any action to end the marriage, make sure what is at stake financially is fully understood. A Massachusetts family law attorney can help protect your rights and the rights of any minor children so the financial future remains rosy even after the cloud of divorce has passed.

Source: Forbes, "Financial Literacy: The Key To Every Woman's Financial Stability" Jeff Landers, Mar. 06, 2014

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