How to protect yourself from the hidden financial risks of divorce
There are many couples who may be in marriages that are not working out. The spouses may have started to grow apart from one another, and no longer share the same feelings that they did when they were first married. They continue to struggle with the questions that they have about their future, and they may not know what to do to improve their situation.
Some of these individuals may start to think about filing for divorce, yet may wait a long time before taking those first steps. They do not want to be the person that ends the marriage, because it feels like giving up. They may have misconceptions about divorce, and are afraid of some of the things that will happen.
When a person is contemplating a divorce, he or she may want to compile as much information as possible before moving forward. This includes financial documents about accounts that the couple may have, including any savings or retirement assets that may have been accumulated during the marriage.
Property division in Maryland requires that each side end up with an equitable share of the couple’s marital property. It is important to have this financial information in place before filing in case questions arise over the value of certain assets, because it can be much more difficult to receive once the divorce has started.
Spouses should also create separate accounts before filing. This means closing any joint checking accounts or credit cards that each side may be able to access. Once the divorce is filed, one spouse may become very upset and try to hurt the other financially. They could run up substantial debts on joint cards, and these debts could be a major problem for the other spouse. Credit card companies may try to hold these individuals responsible for the debts that the other person accumulated during the divorce.
While preparing for the process can make a divorce somewhat easier, it can still take a lot of courage to finally decide that a relationship is over. You may wonder if you are making the right choice, and perhaps even continue to remain married for a considerable amount of time after deciding to move forward with the divorce. This could cause you to lose valuable time, and may result in serious problems should you eventually move forward with the divorce.
It is important that you speak to an experienced family law attorney when you are beginning to think about ending your marriage, so that you have someone on your side to help you with all of these crucial issues. Your attorney can prepare you for what is about to happen, so that you can better deal with some of the stress that can arise during the process.