Baltimore County Family Lawyer Discusses Handling Your Money During a Separation
Prior to many couples filing for divorce in the Circuit Court for Baltimore County making the ultimate decision to divorce, many of them go through a period of separation. However, it is important for those couples to remember that they are still, in fact, married even during the separation period. That said, it is imperative that individuals keep in mind that their finances will still remain connected in some way even though they are living in two different places.
This could become a substantial issue, particularly if one spouse has been financially dependent on the other during the marriage and alimony becomes an issue. Accordingly, there are several things that parting couples should keep in mind when it comes to handling their finances during the separation.
Budgeting Your Money: Start Preparing Your Budget Now
Your Towson divorce lawyer notes that it is a good idea to begin creating a budget during the separation phase, and where possible, discuss the budget with each other. Depending on the specific situation and living arrangements, both parties will need to determine who will pay for what, as well as how much each party can actually afford to pay on a monthly basis.
Understand and Appreciate the Fact That Your Financial Situation is Going to Change
Sure, it is obvious that the lives of everyone involved are about to change dramatically, but many may attempt to keep things “as is” for as long as possible -- particularly if kids are a part of the equation. Nevertheless, changes will inevitably need to be made with respect to separate household and personal finances.
The difficult part for some couples often comes in understanding that the same amount of money still exists; however, that money will now need to be stretched across two separate households. Simply stated, this means that both parties will be required to live on much less than they’re likely used to.
Keep the Lines of Communication Open
Naturally, this is a trying time for the family in general. Still, it is crucial for parting couples to keep the lines of communication open -- even though you may be at the point where you don’t even want to see each other, much less speak to each other. Finances might actually be a good way to help you both maintain a level of communication, particularly if you have children.
There is something to be said for following the “golden rule” -- do unto others as you would have them do unto you. All too often in separation and divorce, the individual who makes the most money believes he or she should be the one to make all of the decisions with respect to the finances.
However, during the separation phase, it is important to maintain your monetary responsibilities in as normal a fashion as possible. While it may be tempting to go on a shopping spree and waste a fair amount of marital assets in “retaliation” for the impending divorce case, doing so is highly discouraged, as the results can lead to major issues during the divorce process.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The 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.