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The impact of a divorce on your financial situation

With all of the emotions involved for couples in Maryland going through a divorce, it is easy to see how the financial impact of this legal process may be downgraded in importance. However, there is no denying that the financial impact of a divorce can be significant on anyone’s life, which is why it can help to be prepared for this aspect of divorce.

A recent report noted that 75% of people surveyed indicated that they had “no plan” regarding the financial impact of a divorce. The report states that these individuals planned to figure things out as their case went along. But, there are some steps that may help Maryland residents deal with the financial part of a divorce case.

For starters, many divorcing couples can save both time and money by mediating certain aspects of their cases. Litigation can be expensive, so those couples who are able to amicably settle their differences and push the legal case toward a conclusion may be better off financially when all is said and done. The recent report also noted that, after the divorce is over, newly single individuals need to take steps to modify certain legal documents, like power of attorney documents, as well as doing a thorough review of their estate plans to see what financial changes need to be implemented post-divorce.

A divorce can be difficult, but Maryland residents can take certain steps to make the process go smoother. People considering a divorce should speak with an experienced family law attorney about the best ways to protect themselves and their financial futures.