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February 2018 Archives

How to handle finances during and after divorce

Divorcing Maryland couples have a number of financial matters to which they need to attend. For example, if person one is covered by his or her spouse's health insurance plan, that individual should look for other coverage. It might be possible to get COBRA benefits while waiting for another plan to take effect.

Choices about where to live after divorce

Maryland couples who are getting a divorce and who own a home must make a choice as to whether they will sell or keep it. Keeping the home may allow a person to retain a sense of stability, but it can also be expensive. People who make this choice should be sure they can afford not only the mortgage but the cost of maintenance, taxes and insurance. They must also be able to qualify for a mortgage. A couple can continue owning the home jointly, but this leaves a person with financial ties to an ex-spouse.

Divorce can cause changes to tax filings

Financial repercussions can be a major concern for Maryland spouses considering filing for divorce. From the division of assets to dealing with spousal support, there can be major impacts on each party's finances caused by the end of a marriage, and the stress around these issues can be equal to or even exceed that caused by the practical and emotional fallout of a split. One additional financial concern following divorce that is less frequently addressed but is quite important for future finances is the impact of divorce on annual tax filings.

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