A divorce is a process often rife with emotion, for understandable reasons. However, this tendency may cause a person to miss important financial items that could wind up costing them a great deal in the future. Here is an overview of several of these crucial considerations that those here in Maryland going through divorce will want to keep top of mind.
Avoid overlooking important financial points
Some important financial considerations are those that may seem obvious but are still worth mentioning. Those getting divorced will want to ensure all parts of the divorce are documented for clarity and thoroughness. That documentation may need to include updates to one’s estate plan and life insurance policies. Both are particularly important if one ex-spouse passes unexpectedly but are something everyone in this situation should consider.
There are also financial points that may be less evident, such as what to do with a family home. It may be best to sell it and split any profit. Taxes may also change, as the legal marital status at the end of a calendar year dictates how a former couple should file and not when their divorce was finalized. Each person in the couple also needs to think about how a divorce will impact their time, which they may not realize is actually an asset they may have to increase as they lose their spouse’s “contribution.”
The divorce process is not one to go at alone
One of the most helpful things a person getting a divorce can do for is to assemble an advisory team, which may include a financial advisor, certain retirement account specialists and an attorney. In particular, an experienced family law attorney can help a person navigate the many financial implications of divorce, serving as an emotionally neutral third-party who can ensure that person is treated with fairness.