A Baltimore bankruptcy, divorce and personal injury attorney with more than 18 years of experience.

The possible financial costs of entering a new chapter in life

On Behalf of | Sep 27, 2021 | Personal Injury

While going through the end of a marriage, it might not be uncommon for many individuals in Maryland to have concerns about how the outcome of the process might affect their financial futures. Although a divorce will inherently affect this area of life, this might not be the only relevant topic to address during this period. Knowing the potential costs of entering a new stage in life after divorce could also play an integral role in creating a plan with which to safeguard one’s financial future.

While many of the expenses associated with entering a new chapter in life after a divorce may vary depending on the circumstances involved, some common examples of these expenses may include:

  • New living arrangements: One of the first topics to cover could involve addressing the costs of obtaining new living arrangements and moving one’s possessions to this location.
  • Mortgage and loan concerns: Should it be necessary to refinance a mortgage or car loan, or obtain new loans, knowing the costs thereof could also be integral.
  • Insurance policies: Addressing insurance policies may also be necessary, as the costs of such policies could be higher for single individuals.
  • Monthly memberships: Monthly memberships and the associated fees could also prove to be more financially demanding after transitioning from a two-person income to life alone.

Marital debts could also be a vital factor to address, as such obligations could play a significant role in the subsequent process.

Going through a divorce can be a stressful and daunting process and the outcome of the situation could have a lingering impact on various areas of one’s life. When facing a similar change in life, a person in Maryland could choose to consult with legal counsel for advice on what to expect from the process and in addressing all his or her available options. A family law attorney can work with a client in creating a strategy with which to seek the best outcome possible concerning his or her future during subsequent divorce proceedings.