When you make the decision to split from your Maryland spouse, your financial future may look much different than you anticipated. While divorce takes an emotional toll, it may also take a financial one. So, it is important that you make smart money moves while your divorce is ongoing to avoid finding yourself in financial trouble afterward.
While making smart money moves is an important part of a divorce, Business Insider reports that you may also want to review the money mistakes many others make during divorces so that you can avoid making the same errors yourself. When working through your divorce, try to avoid making the following missteps:
Banking too much on alimony
Permanent alimony awards are rare, so you would be wise to try to figure out ways to support yourself that do not involve relying heavily on your former partner. Depending on the circumstances, your alimony might end at a specific date, or it may do so after the state considers you to be self-supporting.
Fighting for an overly-expensive family home
Another common financial error many people navigating divorce make involves fighting hard for a home they are unable to afford on one income. You may have emotional ties to your once-shared home, but if you are unable to pay for it on your own, avoid wasting time-fighting over it.
Not scaling back costs of living
No one wants to scale back his or her lifestyle, but you may need to do so while you work through your divorce. It is difficult to maintain the exact same standard of living after a divorce that you did while in a marriage. Try to find ways to lower living expenses and otherwise cut costs wherever possible.
You may be able to set yourself up for financial success after divorce by enlisting a financial planner to help you navigate the split.