Let us review your family law matter
443-557-4153
Law Office of Marla Zide, LLC

How to prepare for the aftermath of property division negotiation

When it comes to working through the financial aspects of a divorce, few things are more important than having a comprehensive budget in place. Far too many Maryland spouses move through the property division process without a clear idea of where they currently stand in a financial sense, much less where they need to be in the years to come. Understanding both current and projected expenses is key to reaching a settlement that is in line with one's needs, both now and in the future.

The best place to begin is by making a thorough assessment of all current expenses. This includes the basics of housing, utilities, food and other essentials. It also includes those expenses that are often overlooked, such as the cost of a child's activities, vehicle maintenance, home repairs and the multitude of incidental costs that rack up during any given month.

Next, take the time to create a projected budget for the years to come. Include costs that will likely rise after a divorce, such as having to purchase one's own insurance. It is also important to think about which tasks have been handled by the other partner, and to include costs associated with replacing those efforts. For example, if a spouse handled the bulk of landscaping or childcare, those needs will still have to be covered after a divorce, even if it is necessary to pay a professional.

Finally, Maryland residents should sit down and take a look at the information that has been compiled. This makes it easier to identify areas of concern, which are far more easily addressed during the early stages of divorce than after the process is complete. Structuring one's property division approach according to a comprehensive budget is the best way to achieve a successful outcome.

Source: nerdwallet.com, "7 Ways to Ready Your Finances for Divorce", Elizabeth Renter, May 30, 2017

No Comments

Leave a comment
Comment Information

Have Your Case Evaluated Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

email us for a response

Office Location

7310 Ritchie Highway
Suite 910
Glen Burnie, Maryland 21061

Toll Free: 800-584-1215
Phone: 443-557-4153
Fax: 410-760-9434
Map & Directions