These days, ending a marriage can be a costly experience, not only in Maryland but across the country. As if divorce wasn’t stressful enough, the financial ramifications of a split can add even more stress to the experience. During a high asset divorce, dividing shared assets can be the subject of many disputes. The following tips may be helpful for those in this situation to better protect themselves financially.
One of the first and most important things to do during this time is to close all joint financial accounts. If able, pay down and close any credit accounts. Less debt will make divorce negotiations easier. Also, be careful not to incur new debt.
Before starting divorce, it is helpful to document and keep a file of all cash sources and valuables. Keep copies of bank and investment account statements. It is also recommended to take pictures of valuable antiques and family heirlooms.
Pensions and retirement accounts are usually some of the biggest marital assets. Becoming familiar with the details of these accounts will be extremely helpful during divorce proceedings. Also, if a spouse was in charge of paying the bills, become familiar with all incomes and the total amounts being paid out.
While married, the majority of couples usually acquire many shared assets. Dividing these assets can often be one of the most confusing and difficult parts of the divorce process. The end of a marriage is never easy, but taking proactive steps to protect finances can make a high asset divorce less stressful. One of the most important things Maryland residents can do during this time is to consult a professional. A knowledgeable attorney can answer questions and help guide individuals through this experience.
Source: goodmenproject.com, “11 Tips For Protecting Your Money During Divorce“, March 23, 2018