A divorce has the potential to impact your bank account, your budget and more, and the actions you take while your divorce is ongoing may have far-reaching effects. Many people navigating Maryland divorces make similar errors when it comes to their finances. Recognizing where others have gone wrong may help you avoid making the same mistakes yourself.
When working through your divorce, avoid making these common financial errors.
Counting on alimony
You may want to seek alimony in your divorce, but you would be remiss to depend too much on it. Alimony does not always last forever, and even if you receive an indefinite alimony award, a day may come when you stop receiving payments.
Maintaining the same quality of life you did before
You may also have to scale back your cost of living during a divorce, or, at least until you get a better sense of what your financial big picture looks like afterward. You may need to work particularly hard at this if you have become accustomed to living off of two incomes but now have to depend on only one.
Keeping a home that is outside your budget
You may feel an emotional attachment to your family home. You may, too, want to fight for it so that your spouse does not end up living there. These are not always great reasons to hang on to property, though. If your house is more than you are going to be able to afford on your own, consider letting it go.
By identifying your financial goals and avoiding these common money mishaps, you should be able to give yourself your strongest shot at a secure financial future, post-divorce.