When divorce is on the horizon, the most important thing that a Maryland spouse can do is take the steps necessary to protect their financial interests. In many cases, these actions can be completed, or at least begun, in the months leading up to filing. For those who are willing to take a proactive stance in regard to looking after their own financial interests, the likelihood obtaining a positive financial resolution within the divorce is strong.
One way that spouses can improve their individual financial outlook is to take action in creating a separate financial identity of their own. This includes closing any joint credit or banking accounts, and opening new lines of credit in their own name. While making these changes can result in an initial drop in credit scoring, scores will rise again over time, as positive credit practices are reported to the credit bureaus.
Another issue that can cause a great deal of financial harm involves losing focus on the financial aspects of one's divorce. It is easy to become distracted by the multitude of other tasks that must be accomplished during his busy time. However, very few other areas will have the same sort of lasting impact as your financial settlement. Aside from issues surrounding child custody, property division is the single most important component within a divorce.
For those in Maryland who are preparing to end a marriage, achieving the proper perspective is one of the most important divorce goals to strive for. There may be difficult days ahead, but the decisions made during this time will have a lasting impact in the years ahead. Taking precautions to protect one's financial interests now can lead to a financially stable future, one that can be structured around an individual's own hopes and dreams.
Source: ABC News, "How to Protect Your Finances in a Divorce", A.J. Smith, March 31, 2014