When entering into the process of divorce, many Maryland residents fear that they are not adequately prepared for the challenges ahead. In some regard, this can be true. There are a number of mistakes that are made as spouses move through divorce, many of which can be easily avoided with the right degree of attention and effort. The following information is provided in the hopes of giving spouses the tools they need to make the best possible decisions as they move from married to single.
Financial considerations are among the most important aspects of any divorce. Perhaps the most important piece of advice that any divorcing spouse can receive is to look to the future, as opposed to the past or even the present, when making decisions concerning the division of marital assets. This begins with a comprehensive assessment of one's current cost of living and the creation of a projected budget for the years following a divorce. By having this roadmap in place, spouses are better able to craft a negotiation strategy that meets their needs.
Another key component of a successful property division involves taking a big-picture approach to the many small decisions that are required during a divorce. Instead of focusing on each individual asset, savvy spouses will look at each as just one piece of a larger puzzle. This means taking the tax ramifications and other costs associated with each asset into consideration before deciding if those costs meet the larger goals.
By taking the time to assess the full range of marital wealth in the early stages of divorce and creating a plan for the future, Maryland spouses can work toward a property division resolution that is fair. They can also make great strides toward reaching their future financial goals. This is an area in which a degree of advance planning can lead to significant rewards.
Source: TIME, "The 7 Biggest Mistakes That Divorcing Women Make", Lili A Vasileff, July 9, 2014