Financial Preparation for Divorce

Financial preparation for divorce

Financial preparation for divorce is a large part of discussion when filing for a divorce in Maryland. It is important to review your financial situation when considering a separation to make sure you have a handle on your current financial position.

Review your debt and expenses. What are your monthly household expenses? If you are moving out of the marital home, will any of these monthly expenses increase? For what debt are you going to be responsible for? What assets will you have to fund your expenses and pay for your debt?

Focus on your personal financial preparation for divorce. Look into getting your own credit card if you have a joint card with your spouse or if you need an additional source of funds. Open your own bank account and have your salary directly deposited into this account. Set yourself up for financial success and to be independent.

Consider child support and alimony. If you have children, determine whether you will be responsible for payment of child support to your spouse or if you will be receiving support. Calculate the monthly expenses of your children – activities, clothes, food, etc. If you are the primary monetary contributor to your marriage,

Cynthia H. Clark & Associates, LLC. is an Annapolis-based family law firm serving clients throughout the state of Maryland. If you and your spouse are considering a divorce, please contact our firm to reserve a consultation time at our office.