Phone: 301-738-7770
Steven J. Gaba, Attorney and Counselor at Law
Phone: 301-738-7770

Rockville couples should prepare for life, finances after divorce

Divorce affects every Rockville couple differently, though the one constant that every couple faces is that divorce alters their financial situation. Whether it is losing one income, paying child support or spousal support, or dividing certain assets, the financial implications of divorce are very real. One thing that couples may benefit from considering is how their financial situation will stand in the weeks and months following the divorce.

Many couples find that their income is drastically reduced after divorce. In some cases, there may be no income left if only one spouse worked during the marriage. Because of this, individuals who are not employed may have to consider seeking employment to help offset the financial difference. Many people also have to curb their impulsive spending and begin budgeting more carefully.

Couples may want to consider seeking the advice of a financial adviser as they go through the divorce process, and beyond. Because taxes, savings accounts, and other assets can all be affected by divorce, couples should understand just what they will have to change and why. For those who are unemployed, it may benefit them to seek employment before they lose the other income permanently.

It is important that couples consider their new independence, and plan for the future beyond divorce. Many Rockville couples are accustomed to living in a certain lifestyle. After divorce, this may change, and individuals may have a difficult time adjusting. There is hope however, as careful planning, well-made choices, and the right dose of patience and an open mind, can help couples find individual success after divorce. This success often begins during the divorce process, with the right mixture of support and guidance as this new chapter of life unfolds.

Source: USA Today, "Before divorce, you should get financially prepared," Hadley Malcolm, Sept. 9, 2012

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