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Getting a fair and sustainable divorce settlement

On Behalf of | May 13, 2016 | High Asset Divorce

There are a lot of perceptions and clichés about divorce that simply aren’t true. One of those myths is the idea that when going through a divorce, women are likely to “take their husbands for all they’re worth.”

The truth of the matter is that many divorces end unfairly and cause one spouse to go into poverty. Statistically, women are three times more likely to suffer this fate than men are. This occurs for many reasons, including the fact that women are more likely to leave the workforce in order to be a stay-at-home parent. When and if they go back to work, they will probably see lower wages than they used to receive.

If you are going through divorce (regardless of your gender), it is a good idea to get rid of the winners/losers mindset and instead think in terms of mutual stability. Maryland is an equitable distribution state, which means that marital assets must be divided equitably between both spouses. This doesn’t always mean perfectly in half. It means dividing assets in a way that leaves each spouse on fairly solid financial footing.

Accomplishing stability sometimes requires more than simply dividing up the shared possessions and bank accounts. It may require spousal support and child support. And if you are the less-monied spouse, it is important to remember that you may be entitled to temporary financial support during the divorce.

Finally, one of the best ways to ensure your own stability after divorce is to work with a reputable and experienced attorney. Your entire financial future (and perhaps your children’s future) will be affected by the decisions and agreements that are made in the coming weeks and months. If you don’t have a good attorney advocating for your best interests, you could end up agreeing to an unfair settlement or forgetting an important detail (like retirement savings).

Yes, working with an attorney costs money. But in a divorce, hiring the right attorney is an investment that may save you a lot of money down the line.

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