It is hard to be proactive about finances when the emotions surrounding divorce are still fresh. Individuals in Maryland who are in the process of a high asset divorce can be pursued by creditors for joint accounts incurred during the marriage even if is not their debt. Experts recommend obtaining three credit reports early to uncover any unknown liabilities that may surface.
During a time when emotions and conflict go together, one can expect income and expenses to change drastically. Some may benefit from creating a budget that outlines monthly costs such as housing, transportation and utilities. Now maybe the time to take a hard look at current financial situations and re-evaluate cash flow, insurance needs, retirement and investment portfolios.
If the ex-spouse is still listed as a primary beneficiary, revising the will, including the financial power of attorney, should be a top priority. Once divorced, all assets, including life insurance, retirement plans and annuities, should be updated to reflect new beneficiaries. Divorce is expensive and may affect retirement earnings; it may be a good time to start fresh and rebuild nest eggs.
Before the divorce is final, one should be proactive about what the long-term impact may be on finances. An individual should assess savings targets and determine Social Security eligibility and devise a plan to achieve these possible sources of retirement income. All questions and concerns about future finances during a high asset divorce in Maryland should be directed to an attorney. A lawyer can suggest what course of action would be beneficial to his or her specific situation.