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Preparing for the financial ramifications of divorce

On Behalf of | Sep 15, 2022 | Divorce |

Sometimes, spouses need to go their separate ways and a marital breakup is the best option. Unfortunately, divorce can be expensive, regardless of circumstances. Those in Maryland who are destined for divorce would be best served by preparing themselves financially ahead of time. Here are a few ways Maryland residents can prepare themselves financially for a divorce.

Track expenses

It is usually best to start tracking expenses as well as income as soon as divorce becomes unavoidable. Be sure to include costs for things like food, vehicles, home maintenance and child care. Having a good idea of how much money is going out versus coming in will not only help with a post-divorce budget, but this information will also be useful to attorneys and judges when it comes time to split marital assets and debts.

Avoid major financial changes

The upcoming divorce proceedings will likely determine most of the major financial changes. It could be tempting to get head start by updating things like life insurance beneficiaries, but it’s usually best to hold off. Changes to beneficiaries, estate plans and retirement accounts are often sorted out in the legal proceedings. Amending these too early could cause the judge to award the spouse.

Seek the help of professionals

Without a doubt, the dissolution of a marriage can be a time of much confusion and turmoil. For those in Maryland heading for a divorce, the best piece of financial advice is to enlist the help of professionals. A knowledgeable and experienced family law attorney can investigate the situation and give specific and detailed legal and financial advice.

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