One of the most unpleasant and unavoidable aspects of a divorce is the separation of finances and asset division. When considering divorce, Maryland couples can avoid certain financial mistakes by having experienced legal assistance and making smart, carefully considered decisions. Divorce settlements will impact an individual for years to come, making it particularly important to proceed carefully during negotiations or litigation.
The financial impact of a divorce settlement may not be truly felt until years after the formal judgment is entered. When working toward a final resolution, it is helpful to consider the long-term implications of any agreement. For instance, a spouse may not be able to afford a family home after a year or two of living on one income, despite a strong emotional attachment to it.
In addition to honestly evaluating the cost of keeping certain assets and property, Maryland individuals may benefit by considering other assets, such as retirement accounts and long-term investments. It may be more practical to seek a fair portion of these rather than other cost-heavy assets. Divorce is an emotionally difficult process and while it is tempting to allow emotions and even anger dictate a divorce, it is best to be careful, thoughtful and shrewd during the process.
Dividing finances is a complex process, even for couples who are amicable and willing to work together. With the help of a lawyer who focuses his or her practice on family law issues, an individual can seek a fair settlement that will protect personal interests into the future. Due to the sensitive nature of this process, divorce proceedings should not be navigated alone.
Source: USA Today, "5 biggest divorce mistakes financially", Wendy Spencer, March 7, 2015