A Baltimore bankruptcy, divorce and personal injury attorney with more than 18 years of experience.
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Developing a plan for the financial side of divorce

On Behalf of | Jun 7, 2021 | Family Law

There may be many individuals in Maryland and across the nation who might feel that finding ways to safeguard their finances is an essential part of protecting their future. However, those who are facing a change in life circumstances such as the end of a marriage might find themselves in search of advice on how best to achieve such a goal. Understanding some of the financial challenges that could arise during a divorce could be integral to preparing to create a strategy for negotiations that best aligns with one’s wishes and needs. 

Seeking insight on some vital financial topics to address when preparing for a divorce could help keep a person from being caught off-guard by unexpected expenses and some of these topics might include: 

  • Future expenses:  When transitioning into life after divorce, a person might experience a need to obtain new living arrangements or purchase a new vehicle and understanding some of the possible costs involved with a similar life change could be vital to preparing for the future. 
  • Need for a budget:  In some cases, one could also benefit from creating a budget to assist with the transition, even if the need is only temporary. 
  • Property division:  It may also be vital to gain a better understanding of what to expect from and how to prepare for the process of property division, as this could aspect of divorce have a significant impact on one’s future. 
  • Family home:  Prior to making decisions on assets such as the family home, one could benefit from taking the time to consider all the available options and seeking insight on vital topics such as costs of maintenance and upkeep of the property. 

It could also be helpful to seek advice on the role marital debts might play during legal proceedings, as taking steps to protect one’s credit score could also prove imperative. 

With a multitude of vital topics to address concerning the financial side of divorce, knowing how best to approach the process could seem a stressful and daunting concept. Those who face a similar scenario and feel uncertain of how to cover every essential topic could benefit from consulting with a family law attorney for advice. In doing so, a person in Maryland could obtain much needed assistance in creating a strategy with which to seek the most favorable outcome achieve concerning his or her financial future during subsequent divorce proceedings.