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A few ways to save money when going through divorce

On Behalf of | Dec 10, 2021 | Family Law |

For some spouses in Maryland, no amount of advice or counseling is enough to save the marriage. Divorce is not only a challenging process emotionally, it is often a difficult financial hurdle as well. If there was ever a time to be thrifty, it is during a divorce. Here are a few ways to prepare finances and save money amid a divorce.

Gather important documents

Going through and gathering important documents can be time-consuming and tedious, so it is important to start as soon as possible when divorce is on the horizon. Collect and organize documentation on bank accounts, investments, retirement accounts, credit card statements and pay stubs. Gathering and organizing these important documents will also keep attorneys from having to do it, thus saving on attorney fees.

Keep track of income and expenses

Start tracking household income as well as expenses as soon as divorce becomes inevitable. This will be important later on when it comes time to divide how assets and debt are split or when decisions on spousal or child support are made. Knowing how money is spent and how much is coming in will also help build a strong post-divorce budget.

Do not be afraid to reach out for help during this stressful time. Consulting with a certified divorce financial analyst can help an individual get a clear picture of his or her current and future financial health. Most importantly, those in Maryland going through a divorce may want to consider seeking the services of a knowledgeable family law attorney. An experienced legal representative can answer questions and help individuals sort through the separation of their lives and finances.

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