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Baltimore & Towson Lawyer Discusses Avoiding Financial Mistakes During Divorce in Maryland

Written by Amar Weisman » March 21, 2014 »

For many couples, ending a marriage can be an emotional and stressful time for all. But beyond trying to determine who will get to keep the dishes and the car, divorcing couples will need to keep certain financial aspects of the relationship in mind as they attempt to make adjustments from joint and combined living to single living. As your Baltimore and Towson divorce lawyer will tell you, anyone who is at the initial stages of divorce should make sure to properly prepare to protect his or her future interests, especially from a financial standpoint.

Common Financial Errors that Individuals Make During Divorce

One common mistake that some divorcing people make is that they will simply choose to give everything away, or at least give away more than they should. Normal sensibilities may be defeated by emotion during a divorce, and when that happens, some individuals might become so weary from dealing with the constant conflict and the splitting of assets that they give away more than what is fair. Most assuredly, divorcing individuals do not want to build up enormous legal fees; however, your Baltimore and Towson divorce lawyer will tell you that you still need to fight for your own financial wellbeing.

Another mistake that some individuals make during divorce is to assume that certain debts have been paid or will continue to be paid by the other spouse.  Unfortunately, some people mistakenly believe that their exes will keep making timely mortgage payments and/or credit card payments; however, that is not always the case. Some divorcing individuals also fail to realize that there will likely be a need to make some major adjustments to their lifestyles after the divorce, particularly because there will no longer be two incomes on which to rely.  

How Can You Keep From Making Such Mistakes?

There are several things that divorcing individuals can do to avoid making the common financial errors mentioned above. For instance, with respect to giving all the assets away, an individual may want to consider working with both a divorce lawyer and a financial advisor to help make certain that particular assets are sought and obtained and/or kept for the right reasons.

Likewise, when it comes to assuming that the marital debts will continue to be paid by the other spouse, it is imperative that individuals ensure that certain accounts are closed and/or that their names are removed from accounts, where appropriate. For instance, if one spouse signed over the house to the other spouse, the spouse who signed over the house should ensure that his or her name is removed not only from the title, but also the mortgage.

Moreover, with regard to facing the realities of a lifestyle adjustment, divorcing individuals are encouraged to create and commit to a budget, particularly if they were not the ones responsible for managing the household funds or have never had to do so in the past.

Divorce can lead to the financial unknown in many cases. However, help is available for divorcing individuals. If you have questions or concerns about your financial status as you progress through the divorce process, contact a Baltimore and Towson divorce lawyer at The Law Offices of Amar Weisman, LLC as soon as possible.

Call (410) 321-4994 For a Free Consultation With a Bowleys Quarters & Towson Family Law Lawyer. 

Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free ConsultationThe Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.