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Considering the financial impact of a divorce

During a divorce in Maryland, former couples may have to determine how their marital property will be divided. Not only can this be an emotional step, but it can also have major impacts on each ex's lifestyle and financial goals. However, those who are proactive when it comes to their future finances may have an easier time moving forward.

Going through a divorce can alter the amount of income a person will have in addition to the expenses they will be responsible for. For example, a divorcee may suddenly be responsible for their own household. This means that the responsibility for rent, utilities, transportation and food will fall entirely on them. The person's income may be reduced on top of that if they are responsible for paying alimony.

Since a divorce can also have an impact on a person's retirement savings, they should put aside additional funds for the future if possible. This way, any ground that was lost can be made up before retirement. Finally, a person going through a divorce should also review and revise their will, ensuring beneficiary designations on life insurance policies and financial powers of attorney are changed or updated.

Many people find that financial situations change during and after a divorce. While the divorce process can be difficult due to property division and potential child custody battles, having an understanding of how income and retirement will be impacted can make it easier to move on. A family law attorney may walk a client through the financial responsibilities that may stem from the divorce, especially if that includes child support and alimony.

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