When a Maryland couple chooses to get a divorce, it can have both emotional and financial ramifications. Increasingly, those who are going through the end of a marriage are consulting financial planners as well as attorneys. This is because few people want a divorce to result in additional debt that could be avoided by opting for collaboration as opposed to litigation. Generally speaking, a divorce costs anywhere from $1,500 to $15,000.
Whatever a person chooses to do, it is important to think through that decision carefully. Accepting a settlement too early in the process could result in a deal that isn’t in an individual’s favor. When contemplating a deal, former spouses should be sure to think about more than just keeping the home or keeping a car. Individuals should also consider how insurance policies and other assets will be divided. How these policies are accounted for could have an impact on a couple’s children as well.
A collaborative divorce can be easier to get through with the right support system. In addition to a financial planner and attorney, it can be a good idea to enlist the help of friends and family members. When done correctly, individuals generally find that they come out ahead both financially and emotionally by collaborating with their former spouse.
Those going through a divorce experience a wide range of emotions. By working with an attorney, it may be easier to focus on the facts of the case when creating a divorce settlement. This may make it possible to obtain a favorable outcome as it relates to property division, spousal support and child custody matters. If necessary, some issues that arise in a divorce settlement may be resolved through mediation while others are resolved through litigation.