Both men and women experience financial challenges during and after divorce. Property division is certainly not the easiest aspect of a breakup, as many attorneys and divorcees will openly admit. If you are planning to pursue a divorce in 2014, it may make sense to make some “resolutions” regarding your finances during the split.
Spouses who are calling it quits should remember to be vigilant during the property division phase of their divorce, and they may also benefit from relying on professional advice. Making a few simple resolutions about your finances may make it much easier to divide property obtained during the marriage.
Both members of a couple should start by getting organized with important financial statements. You can separate this process into smaller, easier tasks by focusing on a single type of account at one time. Remember to obtain year-end statements for all of your accounts, loans and even tax returns. All of these documents should be properly organized and stored in a secure location that is completely inaccessible to your spouse.
Men and women can also benefit from taking a close look at the documents used during property division, as one spouse may be attempting to thwart equitable division by hiding assets. Both parties should be required to play fair when property division is being discussed; people who attempt to shield their assets during divorce can even be charged with criminal violations.
Finally, Maryland divorcing spouses are encouraged to keep their emotions in check while divvying up marital property. Although you may feel attached to certain property obtained during the marriage, remember that your financial health should take precedence at this point. Your emotions will have their turn; during property division, however, you must remain businesslike and maintain a financial focus.
Even though property division is often a complicated matter, you and your ex can expedite the process by being completely transparent about marital property. It may take some time to secure a fair division of bank accounts and other assets, but dedication to detail and fairness during this process may be one of the most important parts of your breakup.
Source: Forbes, “Five Concrete Resolutions For Women Divorcing In 2014” Jeff Landers, Jan. 16, 2014