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Divorce and finances

Finances can be a significant concern when Maryland couples are ending their marriage. However, there are certain steps people can take to get ready.

When considering financial advice, people should be cautious of any counsel that appears to be marketed as applicable to all situations. Each state has its own divorce laws, and what may be beneficial in one situation may end up costing you money. It is always best to speak with a licensed attorney in the state in which the divorce will occur.

Careful records should be kept of all of one's expenses once a divorce is imminent. Keeping track of household expenses and income can be helpful with creating a budget for after a divorce and can be used by the judge to determine how debts and assets should be allocated and if alimony or child support should be awarded.

In addition to keeping expense records, individuals should begin gathering documentation related to any type of financial assets or debts they may have. This includes checking and saving accounts, investments, retirement accounts, credit cards and loans. This applies to all accounts that they own by themselves or share with their spouse.

No significant financial decisions should be made if a divorce is on the horizon. If individuals have already filed for divorce and make significant financial changes without the approval of the court, they could be held in contempt.

A family law attorney may litigate on behalf of a client in a high asset divorce. The attorney may work to protect offshore accounts, retirement plans, business assets and pensions.

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