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Financial planning in case of a later divorce

While most Maryland couples don't want to think that their marriages might end, statistics unfortunately show that there is a real possibility of that happening. It is a good idea for people to plan financially while they are still married so that if the worst happens, they will be prepared and able to move forward.

It is fairly common for one spouse to assume most of the financial responsibilities for the household, such as budgeting, paying bills, investing and other matters. In some cases, there is also a sizable difference between the salaries of the spouses. A person who gets divorced without taking the time to learn good financial decision-making skills may find it difficult to financially survive or to retire on time.

People should begin saving for retirement early and often. As their incomes grow, their contribution amounts should as well. Besides making certain to have adequate savings built up, it is also important for people to make certain they learn good budgeting skills so that they will be able to take care of themselves if they end up divorced.

When the end of a marriage looks as if it is inevitable, it is probably wise for a person contemplating filing for divorce to meet with a financial adviser before initiating the process in order to see a realistic picture of what lies ahead. Once the filing has been made, a family law attorney may work together with a client's financial adviser to try to secure the most advantageous settlement agreement that addresses the division of property and spousal support.

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