The Dos and Don’ts of Personal Finance for Divorcing Couples

Divorce may be a sensitive issue and a contentious process, but it’s important not to overlook the effects of divorce on personal finances. When you consult a family law attorney in Owings Mills, he or she might recommend that you see a financial advisor, especially if your marriage involves complex financial matters such as retirement accounts and home ownership. With the combined guidance of your family court attorney and financial advisor, you can secure your financial future while ending your marriage. divorce - lawyer

Do Make a New Budget

Transitioning from a two-income household to a one-income household is a significant shift for your personal finances. Talk to your family lawyer about what you might reasonably expect to receive or pay for child support and alimony. Ask your attorney for guidance on marital debts and assets, and then consult your financial advisor for assistance developing a new budget for your post-divorce life. Although divorce is an incredibly stressful time, it’s important to adhere to your budget and avoid splurging on expensive gifts for the kids or relaxing spa vacations for you. Keep your focus on building a secure financial future.

Don’t Make Assumptions About Property Division

The issue of property division can be particularly contentious. It’s best not to make assumptions about whether you’ll remain in the family home and retain ownership of joint savings accounts. Because every divorcing couple’s situation is unique, it’s best to consult your family law attorney. Bring along a list of all of your assets and debts to get a clearer picture of what the future might hold for your finances.

Do Look at the Big Picture

It’s all too easy to get fixated on one particular aspect of the divorce, such as staying in the family home or keeping the family pet. One benefit of hiring a family lawyer is that he or she will help you look at the bigger picture. With your lawyer’s help, you should develop a clear understanding of your personal finances, including all of your joint and separate accounts, retirement funds, and liabilities.

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