For those in Maryland who are preparing to divorce, finding new living arrangements can be a top priority as well as an area of concern. Once the details of the property division settlement have been ironed out, many spouses will find that they need to downsize in order to maintain financial stability. For those who feel a connection to their family home, the idea of moving on to a smaller or less elaborate property can seem depressing.
Post-property division downsizing can be a positive move
Man's legal settlement subject to property division
When a Maryland couple prepares to divorce, both spouses understand that much of the wealth accumulated during the course of the marriage will be subject to division. In fact, the property division process is one of the primary areas of focus in any divorce. Many property division matters are simple, but there are some circumstances in which things can become incredibly complicated.
Don't make big financial moves prior to high asset divorce
As a Maryland couple prepares for divorce, there are a multitude of things that must be addressed. This is true no matter how wealthy a family may be, but those who are facing a high asset divorce will have even more prep work than couples who have fewer assets to divide. When faced with a high asset divorce, it is absolutely imperative to avoid making any big financial moves in the timeframe leading up to the divorce. Doing so can lead to accusations of depleting martial wealth, which the courts take very seriously.
How property division can impact retirement planning
Moving through a divorce can be a challenging time for many Maryland residents. For those who are also nearing retirement, the process can be even more stressful. With fewer years left to absorb financial losses, property division becomes a critical component of transitioning from married to divorced.
