At Huesman, Jones & Miles, LLC, our dedicated Maryland family law attorneys understand that the decision to end a marriage has major consequences in every area of your life. Understanding and preparing for the financial implications of divorce should be one of the first steps during the divorce process.
Reviewing Your Current Financial Situation
Many individuals are unfamiliar with the financial value of their marital assets prior to filing for divorce. In order to ensure a fair distribution of the marital property, both spouses should be aware of the true value of the marital estate. Martial assets include bank accounts, homes, vehicles, personal property, retirement accounts and investment accounts. Reviewing prior bank statements, tax returns and investment portfolios should be the first step in financially preparing for your divorce. Spouses should be aware of the possibility of hidden assets and income. The history of the acquisition of the assets should be reviewed to see if the assets are non-marital assets which can be preserved from equitable distribution to the other spouse.
It is important to realistically assess the marital debt prior to beginning the property distribution process. Reviewing personal and joint credit reports can help individuals understand when and by whom debt has been accrued during the marriage. In order to avoid additional financial obligations subsequent to your divorce, stop accruing joint debt as soon as possible.
Preparing for Tax Consequences
Almost every decision made during the divorce process may have future tax implications. Child custody, child support and alimony awards will affect tax obligations and payments. To avoid unforeseen and undesirable tax consequences, individuals considering divorce should consult with legal, financial or tax experts familiar with state and federal tax codes who can explain the tax implications related to the division of marital assets.
Getting Ready for Post-Divorce Life
In order to begin post-divorce life on financially secure grounds, a divorcing individual should have established credit and set up a bank account in their own name. Since divorced spouses will no longer have access to their spouses’ Social Security personal earning and benefits statements, it is important to get this information from your spouse prior to the finalization of your divorce. Updating your insurance coverage (especially if your insurance is currently in the name of your spouse) is another important step in preparing for your post-divorce future.
The experienced Baltimore Divorce Lawyers at Huesman, Jones & Miles, LLC work with Divorcing Families throughout Maryland
With the assistance of the dedicated Baltimore divorce lawyers at Huesman, Jones & Miles, LLC, divorcing individuals can enter the marital distribution process financially prepared. Our experienced divorce lawyers in Hunt Valley are here to guide you through all aspects of your divorce including issues related to the distribution of marital assets, child support, child custody, child visitation and alimony. With offices conveniently located in Hunt Valley, Maryland our Baltimore divorce lawyers serve clients throughout the greater Baltimore area including those in Baltimore County, Carroll County, Harford County and Howard County as well as those in Towson, Bel Air, Columbia, Westminster and Essex, Maryland. To schedule your free confidential consultation, call us today at (443) 589-0150 or contact us online.