Preparing for the Financial Implications of a Divorce
Even under the best of circumstances, going through a divorce can be a difficult, stressful and overwhelming process. When emotions are running high, it can be difficult to think clearly, and make important decisions about personal finances. However, in order to reach a fair financial settlement, it is extremely important to have a clear understanding of your finances so that you can begin to plan for your post-divorce budget. Untangling a couple’s money can be a complicated process, but a skilled and experienced divorce lawyer can walk you through the process and secure the financial settlement you deserve.
Personal Finance Tips for Those Preparing for Divorce
- Seek professional advice. Friends and family may be quick to offer you words of advice, particularly if they have gone through a divorce. However, every divorce is different, so what worked for your friend or family member may not work for you. It is in your best interest to only take financial and legal advice from a skilled lawyer and a professional financial planner.
- Organize your finances. Take the following steps to ensure that you are as prepared as possible:
- Close all joint credit accounts
- Change your marital status on important records and documents
- Change the beneficiaries on your pension, 401K, IRA, and life insurance policies
- Track alimony, child support payments, and other expenses related to the divorce using a personal finance app
- Remove your spouse from your will
- Collect important documents. Gather the following information as soon as possible:
- Bank statements
- Retirement and investment account statements
- Mortgage statements for the past year
- Credit card statements for the past year
- Complete list of assets and debts
- Income tax returns for the last three years
- Anticipate rough patches. Not all divorces are amicable, so prepare for arguments, confrontations, and resistance to financial decisions.
- Start saving your money. Divorces can be expensive, so be smart about how you spend your money. Avoid making any large purchases or going on a spending spree to get back at your spouse.
If you were married for many years, your financial situation is probably much more complex than it was when you were first married. You may have accumulated a range of assets, properties, and other holdings that make the divorce process even more complex from a financial standpoint. It is important to recognize when you need help sorting through all the financial documents and complex paperwork. With the help of a skilled divorce lawyer and a certified divorce financial analyst you will be able to get through the divorce process as smoothly and painlessly as possible while achieving a fair outcome.
Baltimore County Divorce Lawyers at Huesman, Jones & Miles, LLC Help Clients Resolve Financial Issues During the Divorce Process
If you are going through a divorce, the Baltimore County divorce lawyers at Huesman, Jones & Miles, LLC will help you prepare your finances and guide you through every step of the divorce process. Protecting your rights is our top priority. Our experienced team will address all of your questions and concerns along the way. To schedule a free and confidential consultation, call us today at 443-589-0150 or contact us online.
Our offices are located in Towson and Hunt Valley, Maryland, where we represent clients in Baltimore, Bel Air, Columbia, Westminster, Essex, Monkton, Sparks, Parkton, Pikesville and throughout Baltimore County, Carroll County, Harford County, and Howard County, Maryland.Posted on . This entry was posted in Divorce, Family Law. Bookmark the permalink.